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in·dem·ni·fy / inˈdemnəˌfī/ • v. (-fies, -fied) [tr.] compensate (someone) for harm or loss: the amount of insurance that may be carried to indemnify the owner in the event of a loss. ∎  secure (someone) against legal responsibility for their actions: the newspaper could not be forced to indemnify the city for personal-injury liability that might result from accidents involving newsracks. DERIVATIVES: in·dem·ni·fi·ca·tion / -ˌdemnəfiˈkāshən/ n. in·dem·ni·fi·er n.

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To compensate for loss or damage; to provide security for financial reimbursement to an individual in case of a specified loss incurred by the person.

Insurance companies indemnify their policyholders against damage caused by such things as fire, theft, and flooding, which are specified by the terms of the contract between the company and the insured.