indemnity

/ɪnˈdemnəti/ noun [C or U] (plural indemnities)

Definition

› INSURANCE protection against possible damage or loss, or the money paid if there is damage or loss: indemnity for/against sth The policy provides an indemnity for loss of or damage to third-party property.provide/offer (an) indemnity This insurance provides indemnity against legal costs and damages. Creditors must give an indemnity to cover the costs of a potential claim. professional indemnity insurance

› LAW protection against having legal responsibility for something: indemnity against sth The doctors were given an indemnity against prosecution for performing abortions.

› GOVERNMENT a sum of money that is paid to someone for a loss, especially by one country to another country

→ See also double indemnity, letter of indemnity

(Definition of indemnity noun from the Cambridge Business English Dictionary © Cambridge University Press)