indemnity

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

n protection against future loss

Synonyms:
insurance
Type of:
protection, shelter
the condition of being protected

n legal exemption from liability for damages

Type of:
exemption, freedom
immunity from an obligation or duty

n a sum of money paid in compensation for loss or injury

Synonyms:
amends, damages, indemnification, redress, restitution
Types:
show 7 types...
hide 7 types...
relief
(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:
compensation
something (such as money) given or received as payment or reparation (as for a service or loss or injury)

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