Indemnify Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Indemnify, written in plain English, along with examples of how it is used.
What is Indemnify?
To protect someone against the loss or damage.; Assure of no loss or damage would occur, which if occurs, would be compansated financially. As in case of insurance companies which indemnifies to pay incase os loss of life who has been insured; To take the full responsibility of loss and damage.
History and Meaning of Indemnify
Indemnify is a legal term that means to compensate someone for a loss or damage, or to protect them from potential loss or damage. The term comes from the Latin word "indemnis," which means "unhurt" or "unharmed."
In the legal sense, indemnify typically refers to a contract between two parties. For example, a company may agree to indemnify its employees against any legal action taken against them while they are performing their job duties. Additionally, insurance companies may indemnify policyholders against certain losses or damages, such as damage to a home or car.
Examples of Indemnify
Here are a few examples of how indemnify might be used in different contexts:
- A homeowner's insurance policy may indemnify the policyholder against damage caused by a natural disaster.
- A company may indemnify its employees against any legal action taken against them while they are on the job.
- An artist may indemnify a gallery against any legal action that arises as a result of a exhibition of their work.
- A landlord may require tenants to indemnify them against any legal action that might result from a tenant's actions or behavior while renting the property.
Legal Terms Similar to Indemnify
Some other legal terms that are similar to indemnify include:
- Liability: Responsibility for something, often involving financial compensation for loss or injury.
- Damages: The amount of money awarded to a person in a lawsuit to compensate for loss or injury caused by another.
- Hold Harmless: A legal agreement in which one party agrees not to hold another party liable for any damage or loss that might occur.