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WordNet-Online
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Definitions from the WebTerm: Indemnity InsuranceDescription:Indemnity insurance is a type of insurance policy that provides financial protection against potential losses or damages incurred by the policyholder. It is often used to mitigate risks associated with legal liability, property damage, or professional services. Senses and Usages:Sense 1: Legal Liability CoverageIndemnity insurance can cover legal liability and provide compensation to the policyholder for any costs incurred due to legal actions taken against them. For example, a professional indemnity insurance policy can protect a doctor against malpractice claims. Sample Sentence: The architect had an indemnity insurance policy that protected them in case any legal claims were filed against their design work. Sense 2: Property Damage ProtectionIndemnity insurance can also be used to protect against property damage. For instance, a homeowner can have indemnity insurance to cover the costs of repairing or replacing their property if it is damaged by fire, theft, or natural disasters. Sample Sentence: The business owner had indemnity insurance to cover any property damage caused by unexpected floods in the area. Sense 3: Professional Services ProtectionIndemnity insurance is commonly utilized by professionals such as lawyers, accountants, or consultants to protect themselves from potential financial losses resulting from errors, omissions, or negligence in their services. Sample Sentence: The accountant's professional indemnity insurance covered any financial losses that occurred due to mistakes in their tax calculations. Related Products: | ||||
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