Indemnity clauses are enforced through legal proceedings, where courts interpret the clause's terms and determine the extent of indemnification owed. 7 Can indemnity cover legal fees? Yes, indemnity agreements or insurance policies can cover legal fees associated with defending against claims or lawsuit...
An indemnification agreement may limit specific claims, losses, damages, and liabilities. It may also include where and how to notify the indemnifier about the losses and the time frame to do so. You can find an example here if you need assistance drafting an indemnification agreement. As ...
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Indemnity insurance is different from indemnification, as it protects certain professionals from the cost of claims filed against them. Sources
Limit the amount of time during which claims can be brought under the indemnity clause. For example, within the last 5 years from the completion of work. As the receiver of the indemnity (also referred to as the indemnitee), how can I seek the broadest possible coverage?
Indemnity is legal protection from loss and damage claims. In cases where a defendant has indemnity, he cannot be sued for more...
Fault indemnity is an agreement where one party agrees to defend against and pay for any legal claims that may arise against another party because of the actions of the first party. Basically, fault indemnity provides a way for one party to avoid risk of loss because of the actions of anoth...
In this situation, the shipping company may require you to provide a Letter of Indemnity (LOI). By issuing this letter, you agree to indemnify the shipping company for any future claims or losses that may arise from the release of the goods without the original B/L. ...
Many companies make indemnity insurance a requirement, aslawsuitsare common. Everyday examples includemalpractice insurance, which is common coverage for those in the medical field, and errors and omissions insurance (E&O), which protects companies and their employees against claims made by clients and...
Indemnity insurance protects againstclaimsarising from possible negligence or failure to perform that result in a client’s financial loss or legal entanglement. A client who suffers a loss can file a civil claim. In response, the professional’s indemnity insurance will pay litigation costs as well...