views updated May 18 2018

in·dem·ni·ty / inˈdemnitē/ • n. (pl. -ties) security or protection against a loss or other financial burden: no indemnity will be given for loss of cash. ∎  security against or exemption from legal responsibility for one's actions: a deed of indemnity | even warranties and indemnities do not provide complete protection. ∎  a sum of money paid as compensation, esp. a sum exacted by a victor in war as one condition of peace.


views updated May 17 2018

indemnity security against contingent injury XV; compensation for loss XVI; legal exemption from liabilities incurred XVII. — (O)F. indemnité — late L. indemnitās, f. indemnis free from loss or hurt, f. IN-2 + damnum; see DAMAGE, -ITY.
So indemnify XVII.


views updated Jun 11 2018


Recompense for loss, damage, or injuries; restitution or reimbursement.

An indemnity contract arises when one individual takes on the obligation to pay for any loss or damage that has been or might be incurred by another individual. The right to indemnity and the duty to indemnify ordinarily stem from a contractual agreement, which generally protects against liability, loss, or damage.