indemnity - definition in the Business English Dictionary - Cambridge Dictionaries Online

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English definition of “indemnity”

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indemnity

noun [C or U]
 
 
/ɪnˈdemnəti/ ( plural indemnities)
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 from the Cambridge Business English Dictionary © Cambridge University Press)
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