Indemnify

Indemnify (verb) refers to the act of compensating someone for harm or loss, thereby providing a form of security or protection against financial liability. In legal and insurance contexts, it often involves a contractual agreement where one party agrees to cover the losses incurred by another party, ensuring that the latter does not suffer financially due to unforeseen events or damages. The term is commonly used in insurance policies, contracts, and liability waivers.

Indemnify meaning with examples

• In the event of an accident, the insurance company will indemnify the policyholder for any damages sustained to their vehicle, allowing them to recover without bearing the financial burden themselves, thus ensuring their peace of mind.
• The contractor agreed to indemnify the property owner against any damages resulting from the construction work, ensuring that any issues arising from the project would be resolved financially by the contractor.
• Before signing the lease, the tenant requested that the landlord indemnify them against potential lawsuits related to property damages caused by neighbors, providing an additional layer of protection during their rental period.
• As part of the merger agreement, the acquiring company promised to indemnify the shareholders of the acquired organization against any legal claims that might arise after the acquisition, thus safeguarding their interests.
• The event organizers assured the participants they would indemnify them for any injuries sustained during the event, giving the attendees confidence that they would not be liable for unforeseeable accidents.