Indemnity Agreements

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Commonly Asked Questions about Indemnity Agreements

What is an example of an indemnity agreement?

A typical example is an insurance contract, in which the insurer or the indemnitor agrees to compensate the other (the insured or the indemnitee) for any damage or losses in return for premiums paid by the insured to the insurer.

What is the purpose of an indemnity agreement?

Indemnity Agreement: Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.

What is the purpose of the contract of indemnity?

The reason for a contract of indemnity is to make good on a loss if there is any. The reason for a contract of guarantee is to enable a third person get credit. Once the indemnifier fulfills his liability, he does not get any right over any third party. He can only sue the indemnity-holder in his own name.

What is an indemnity arrangement?

If youre employed, your employer may well have made indemnity arrangements which will provide appropriate cover for the risks associated with the activities you carry out as part of your job. But its your responsibility to make sure youre appropriately indemnified under your employers cover.

How to write an indemnity agreement?

How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. Draft the Indemnification Clause. Outline the Indemnification Period and Scope of Coverage. State the Indemnification Exceptions. Specify How the Indemnitee Notifies the Indemnitor About Claims. Write the Settlement and Consent Clause.

What is the purpose of an indemnification agreement?

To indemnify means to compensate someone for his/her harm or loss. In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other partys actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

What is an example of a contract of indemnity?

For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify Bs losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.