Description: 🔵 Indemnify Meaning - Indemnity Definition - Indemnify Examples - Business English - Indemnity, What it means to indemnify someone., What is Indemnification | Indemnification Clauses and Indemnity Explained
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An indemnity is an obligation by a person ( indemnitor ) to provide compensation for a particular loss suffered by another person ( indemnitee ).
Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident. In an agency context, a principal may be obligated to indemnify their agent for liabilities incurred while carrying out responsibilities under the relationship. While the events giving rise to an indemnity may be specified by contract,
Under section 4 of the Statute of Frauds (1677), a "guarantee" (an undertaking of secondary liability; to answer for another's default) must be evidenced in writing. No such formal requirement exists in respect of indemnities (involving the assumption of primary liability; to pay irrespective of another's default) which are enforceable even if made orally. (Ref: Peel E: "Treitel, The Law of Contract")