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English definition of “indemnity bond”

indemnity bond

noun [C]
 
 
INSURANCE
a legal agreement in which a financial organization promises to make a payment to an organization that has lent money if they do not get the loan back: Lenders reduce their risk by using indemnity bonds for mortgages over 70-80 % of the value of the property.
(Definition of indemnity bond from the Cambridge Business English Dictionary © Cambridge University Press)
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