indemnification


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indemnification

A contractual obligation by which one person or organization agrees to secure another against loss or damage from specified liabilities.
References in periodicals archive ?
The most important insurance issue to consider is the impact of your acceptance of indemnification on your professional liability insurance coverage.
They would also share the responsibility of providing indemnification to affected swine farms.
Implementing agency : State Institution Agency For Guaranteed Indemnification Of Bank Deposits Of Individuals Republic Of Belarus, Minsk, 220067, 220112, Minsk, Ul.
The purpose of an indemnification clause is to contractually shift the liability and financial burden for damages suffered by a third party to the party that is at fault.
Davis filed a complaint for declaratory judgment in Baltimore City Circuit Court last month asking a judge to find the city is not responsible for indemnification in civil lawsuits being filed for actions underlying the officers' federal convictions.
She said some ARBs will receive indemnification for as low as P1,000 while some to as high as P88,000.
2) In case, however, if the Insureds would not have incurred the Expenditure on the Replacement/Re-Instatement of the Destroyed/Damaged Machinery/Property, the Insurers shall not be held liable for any Payment for Indemnification in Excess of the amount which would have been Payable under the circumstances of a normal Fire Insurance Policy Claim.
Advancement, unlike indemnification, gives a director an immediate source to pay these ongoing expenses as incurred with one important caveat.
'The Office of the Secretary received the letter from Sanofi this morning saying that they are declining our request for a refund of the used vaccines and the setting up of indemnification fund,' Health Undersecretary Eric Domingo said in an interview with reporters.
Companies should be careful to exclude cybersecurity indemnification provisions from limit of liability sections that may govern more general indemnification provisions.
Defense and indemnification provisions are commonly requested by governmental entities, construction contractors, or entities that use a procurement or purchasing group to manage the bidding and contracting process.
These are gone forever, but within the terms of the policy contract, the adjuster's ethical duty is to come as close to the principle of indemnification as possible.