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Essentials to a contract of indemnity There must be two parties. One of the parties must promise the other to pay for the loss incurred. The contract may be expressed or implied. It must satisfy the essentials of a valid contract.

The principle of indemnity governs that an insurance contract compensates you for any damage, loss or injury caused only to the extent of the loss incurred. Insurance contract ensures that the insurer does not make a profit in the event of an incurred loss.

Indemnity clauses fall into two categories: those that protect the indemnified party from loss or damage resulting from third party claims (third party indemnities) and those that protect the indemnified party from loss or damage resulting from the indemnifying party's breach of contract or warranty (inter-party ...

Indemnity Agreement: Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.

There are three main types of express indemnity clauses: broad form, intermediate form, and limited form. Broad form express indemnity clauses require the indemnitor to hold the indemnitee harmless for all liability, even if the indemnitee is solely at fault.

How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.

An indemnity may fall into two main types. Depending on the circumstances, indemnity may either be expressed or implied.