indemnity

American  

[in-dem-ni-tee] / ɪnˈdɛm nɪ ti /

noun

plural

indemnities

1. protection or security against damage or loss.

2. compensation for damage or loss sustained.

3. something paid by way of such compensation.

4. protection, as by insurance, from liabilities or penalties incurred by one's actions.

5. legal exemption from penalties attaching to unconstitutional or illegal actions, granted to public officers and other persons.

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indemnity British  

/ ɪnˈdɛmnɪtɪ /

noun

1. compensation for loss or damage; reimbursement

2. protection or insurance against future loss or damage

3. legal exemption from penalties or liabilities incurred through one's acts or defaults

4. (in Canada) the salary paid to a member of Parliament or of a legislature

5. an act of Parliament granting exemption to public officers from technical penalties that they may have been compelled to incur

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Usage

What does indemnity mean? Indemnity is protection or security against damage or loss, or compensation for damages or money spent.Insurance coverage provides indemnity to a person (or organization) by insuring them for certain potential situations, such as damages to their property from natural disasters or accidents. Indemnity is commonly used in legal contracts to secure protection against being sued or being held responsible for an accident. It’s often seen in the phrase indemnity clause.The verb form of indemnity is indemnify, which means to provide such protection or security, typically in the form of insurance.Outside the context of insurance, indemnity is sometimes used in a metaphorical way to mean protection, as in Your wealth does not provide indemnity from disease. Example: The whole purpose of car insurance is so that you have indemnity in case you get into an accident—buying insurance after an accident happens won’t cover you.

Other Word Forms

• anti-indemnity adjective
• preindemnity noun

Etymology

Origin of indemnity

First recorded in 1425–75; late Middle English indem(p)nite, from Middle French indemnité, from Latin indemnitāt-, stem of indemnitās “security from financial loss”; in- ³, damn, -i-, -ty ²

Example Sentences

The government's indemnity scheme allows art and cultural objects to be shown publicly in the UK which "might not have been otherwise because the cost of insurance would have been too high".

From BBC

For Medicare Advantage customers, the extra insurance needed is coverage for hospital indemnity or specific major illnesses like cancer, so people don’t face high copays if they get sick.

From MarketWatch

The decision also raises questions about why the company made the far-reaching indemnity agreement when Mr Jeffries stepped down more than a decade ago.

From BBC

Under the so-called indemnity program, farms would receive up to $28,000 to protect workers and cover costs incurred treating and testing sick cows.

From New York Times

"When we entered negotiations we were clear that we had three aims: to simplify the contract, to ensure a fair uplift and to make significant progress on indemnity," he said.

From BBC

Related Words

• compensation
• repayment
• restitution