Indemnity Payment shall have the meaning set forth in Section 4. Indemnity Payment has the meaning set forth in Section 5. Examples of Indemnity Payment in a sentence Receiving a Full Indemnity Payment on Planted 1st Insured Crop Acreage The insured may receive a full indemnity payment on the 1st insured crop in the following scenarios if all the double-cropping qualifications stated in subparagraph A above are met: 1 The 1st insured crop is planted, suffers a loss, and an indemnity is due.
Some indemnity claims arise by operation of law. For example, the law of agency makes a principal liable to indemnify its agent as described in Practice note, Common law of agency: Duty of principal to pay the agent's expenses and indemnify it against losses. Many indemnities are created by contract, under which the paying party promises to pay an identified loss.
The trigger for payment and the amount payable depend on the contract's drafting and interpretation. Who is Indemnified? What Can Indemnity Clauses Cover? Indemnities usually cover liabilities in two ways: Third-party claims against the indemnified party, such as intellectual property infringement. Claims made between the indemnifier and the beneficiary. For example, for breach of contractual provisions like warranties or a failure to pay an invoice.
What is Indemnity Insurance? Considerations of Indemnity One of the main things to consider with putting an indemnity clause into a contract is the increased costs. Why Contact Our Contract Solicitors? Mike Ford says:. Paul Britton says:. Search for:. Subscribe to our blog. What Is Child Abuse? Everything You Need To Know. Close dialogue. Session expired Please log in again.
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