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 ?
Advise the client to consult with an attorney on how applicable state law may affect the defense and indemnification agreements.
However, indemnification has a reverse side; the insured has paid a premium, but the contract he or she receives is conditional and limited.
Regardless, try to limit the value of the indemnification to the value of your contract, Smith advised.
In addition, the early termination eliminates further negative accretion on the FDIC indemnification asset, which totaled USD26.
the concept of forced indemnification, and we offered the committee a variety of reasons why forced indemnification would not likely be lawful and certainly wouldn't be good policy," he added.
Generic indemnification provisions tend to focus on who and what is covered the goal being to reduce as much as possible the financial outlay associated with certain events.
There are three levels of indemnification: "Broad Form" indemnification is where another party indemnifies an owner even for their sole negligence.
But third-party legal experts, who declined to comment on the WesCorp specifics but who did offer insights into how indemnification and traditional directors and officers insurance are supposed to work, said that it is common for policies to have restrictions that invalidate any coverage after certain triggering events.
Having been named as a defendant, the appraiser, citing terms of the indemnification provision in the report, demanded that the credit union pay for defense costs.
Increasing liability in the face of unclear or limited indemnification makes directors and officers liability insurance of paramount importance to executives of companies organized outside the United States.
Peter Dawes-Huish, CEO says, "Open Source software comprises commercial and community versions, commercial where you pay for a structured development process, and have the reassurance of indemnification and essential support.
Gallin and the property owners, asserting claims under Labor Law [section][section] 200, 240 (1) and 241 (6) and common law negligence [FN1] In their answer, the property owners asserted cross claims for contribution and common law indemnification, contractual indemnification and breach of contract against Gallin.