indemnity

/ɪnˈdɛmnədi/

/ɪnˈdɛmnɪti/

Other forms: indemnities

Indemnity is protection against loss or harm — it is most often used in insurance.

If you suffer an injury or there's damage to your house, an indemnity makes up for the loss — if it's part of your insurance. An indemnity may also keep something or someone from being held responsible for harm. Protection indemnity is mainly offered for unlikely events. If you regularly crash hot-air balloons, you won’t get indemnity for the next one you rent. In fact, the balloon rental company will probably demand their own indemnity in case you crash again.

Definitions of indemnity

1. noun

   protection against future loss
   synonyms: insurance

   type of:

   protection, shelter

   the condition of being protected
2. noun

   legal exemption from liability for damages
   type of:

   exemption, freedom

   immunity from an obligation or duty
3. noun

   a sum of money paid in compensation for loss or injury
   synonyms: amends, damages, indemnification, redress, restitution

   types:

   relief

   (law) redress awarded by a court

   actual damages, compensatory damages, general damages

   (law) compensation for losses that can readily be proven to have occurred and for which the injured party has the right to be compensated

   nominal damages

   (law) a trivial sum (usually $1.00) awarded as recognition that a legal injury was sustained (as for technical violations of a contract)

   exemplary damages, punitive damages, smart money

   (law) compensation in excess of actual damages (a form of punishment awarded in cases of malicious or willful misconduct)

   atonement, expiation, satisfaction

   compensation for a wrong

   double damages

   twice the amount that a court would normally find the injured party entitled to

   treble damages

   three times the amount that a court would normally find the injured party entitled to

   type of:

   compensation

   something (such as money) given or received as payment or reparation (as for a service or loss or injury)