Indemnify Legal Meaning and Definition
Here is a simplified definition of the legal term Indemnify.
- To safeguard someone by promising to cover, or compensate, a loss or damage they may experience. This often involves a financial payment.
Example: Insurance companies often indemnify their policyholders by pledging to pay for losses (like damage from a car accident or the loss of property due to a natural disaster).
- To take on full responsibility for any potential loss or damage, accepting the duty to pay for these if they occur.
Example: A contract might require one party to indemnify the other, meaning they've agreed to pay for any harm or loss the other party might experience as a result of the agreement.