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| *Ostroff, Fair and Company>>>Insurance |
What kind of field do you use "indemnify"? |
What kind of field do you use "indemnify"? and is it different from damages? and is it the linsurance term. Indemnify means, to reimburse for damages. Damages are what the courts say you must pay. Damages usually means "dollar amount". If you have a policy that says the insurance company will INDEMNIFY you, technically it means, you have to pay the dollar amount out first, and they'll reimburse you. It's typical on professional liability policies. Yes, it's an insurance term. Insurance. Indemnification is to restore something to its condition prior to an accident or loss. It means you will accept responsibility for the misdeeds of another. (trying to think of an example) You want me to paint your house -- your neighborhood association has specific rules as to what colors it can be painted and how it must be done. Before accepting the job, I might ask you to indemnify me against any work that I did, as long as that work was according to your instructions. If you tell me that you want your house painted hot pink, and I do so, the neighborhood association cannot sue me because it was actually me who did the painting. If they have issues with the color, you have agreed to take responsibility for that. If you asked me to paint it tan, and I painted it hot pink instead, then you could still sue me for not following your instructions, and include in the damages any fines the neighboorhood association levied on you, but the neighborhood association itself could not sue me if you agreed to idemnify me against the actions of others. Insurance, definately. |
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