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indemnification

noun

/ɪnˌdɛm nə fɪˈkeɪ ʃən/

IPA:

Dictionary definition of indemnification

The act or process of compensating or protecting someone from loss, damage, or liability.
"The insurance policy provided indemnification for medical expenses resulting from accidents."

Detailed meaning of indemnification

It involves providing financial or legal protection against potential harm, expenses, or legal consequences. Indemnification often occurs through a contractual agreement or arrangement in which one party agrees to assume responsibility for any losses, damages, or liabilities incurred by another party. It aims to restore the affected party to the position they were in prior to the occurrence of the specified event or circumstance. Indemnification can involve reimbursement for financial losses, covering legal fees, or providing insurance coverage. It serves as a means of mitigating risks and ensuring that individuals or organizations are protected from the negative consequences of certain actions, events, or situations.

Example sentences containing indemnification

1. The contract included a clause for indemnification in case of any damages or losses.
2. The company offered indemnification to its employees for any legal expenses incurred during the course of their work.
3. The settlement agreement included a provision for indemnification of the injured party's medical bills.
4. The investor sought indemnification from the company for financial losses caused by their negligent actions.
5. The contractor required indemnification from the client for any damages or liabilities arising from the project.
6. The warranty provided indemnification for any defects or malfunctions in the product.

History and etymology of indemnification

The noun 'indemnification' is derived from the Latin word 'indemnificatio,' which itself is formed from 'in,' meaning 'not,' and 'damnum,' meaning 'loss' or 'damage.' 'Damnum' is associated with the idea of harm or loss, particularly in a legal context. Therefore, the etymology of 'indemnification' conveys the concept of compensating or protecting someone from loss, damage, or liability, emphasizing the act or process of ensuring that individuals or entities are not financially harmed by specific events or circumstances. This term is commonly used in legal and financial contexts to describe the provision of compensation or protection against potential losses or liabilities, thus serving as a means to minimize financial risk and promote security.

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Further usage examples of indemnification

1. The supplier agreed to indemnification in case of any product recalls or liability claims.
2. The landlord included an indemnification clause in the lease agreement to protect against property damage caused by the tenant.
3. The construction company offered indemnification to the homeowner for any accidents or injuries occurring on the construction site.
4. The software developer provided indemnification to its clients against any copyright infringement claims.
5. The shareholders demanded indemnification from the company for losses resulting from mismanagement or fraud.
6. The insurance policy offered full indemnification for property damage.
7. Legal experts negotiated the terms of the indemnification agreement.
8. She sought indemnification for the accident-related medical bills.
9. The contract included a clause for indemnification in case of disputes.
10. The company's policy provided indemnification for employee injuries.
11. The indemnification process can be complex and time-consuming.
12. He demanded indemnification for the financial losses he incurred.
13. The indemnification fund was set up to cover unexpected expenses.
14. The contract outlined the specifics of indemnification in detail.
15. The board discussed the need for indemnification in their decision.
16. The indemnification clause protected the company from legal actions.
17. They offered indemnification to customers affected by the product recall.
18. Her lawyer handled the indemnification claim after the accident.
19. The insurance company provided quick indemnification for the claim.
20. The contract specified the limits of indemnification for both parties.
21. The indemnification process involved thorough documentation.
22. He received full indemnification for the damages to his property.
23. The settlement included an indemnification provision for both parties.
24. The company's indemnification policy reassured its investors.
25. Legal counsel reviewed the indemnification terms before signing.