Indemnity is protection against loss or harm — it is most often used in insurance.

If you suffer an injury or there's damage to your house, an indemnity makes up for the loss — if it's part of your insurance. An indemnity may also keep something or someone from being held responsible for harm. Protection indemnity is mainly offered for unlikely events. If you regularly crash hot-air balloons, you won’t get indemnity for the next one you rent. In fact, the balloon rental company will probably demand their own indemnity in case you crash again.

Definitions of indemnity
  1. noun
    protection against future loss
    synonyms: insurance
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    type of:
    protection, shelter
    the condition of being protected
  2. noun
    legal exemption from liability for damages
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    type of:
    exemption, freedom
    immunity from an obligation or duty
  3. noun
    a sum of money paid in compensation for loss or injury
    synonyms: amends, damages, indemnification, redress, restitution
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    show 7 types...
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    (law) redress awarded by a court
    actual damages, compensatory damages, general damages
    (law) compensation for losses that can readily be proven to have occurred and for which the injured party has the right to be compensated
    nominal damages
    (law) a trivial sum (usually $1.00) awarded as recognition that a legal injury was sustained (as for technical violations of a contract)
    exemplary damages, punitive damages, smart money
    (law) compensation in excess of actual damages (a form of punishment awarded in cases of malicious or willful misconduct)
    atonement, expiation, satisfaction
    compensation for a wrong
    double damages
    twice the amount that a court would normally find the injured party entitled to
    treble damages
    three times the amount that a court would normally find the injured party entitled to
    type of:
    something (such as money) given or received as payment or reparation (as for a service or loss or injury)
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