Liability vs. Indemnity

Liabilitynoun

An obligation, debt or responsibility owed to someone.

Liabilitynoun

A handicap that holds something back, a drawback, someone or something that is a burden to whoever is required to take care of them; an individual or action that exposes others to greater risk.

Liabilitynoun

The likelihood of something happening.

Liabilitynoun

The condition of being susceptible to something.

Liabilitynoun

The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.

Liabilitynoun

That which one is under obligation to pay, or for which one is liable.

Liabilitynoun

the state of being legally obliged and responsible

Liabilitynoun

an obligation to pay money to another party

Liabilitynoun

the quality of being something that holds you back

Indemnitynoun

Security from damage, loss, or penalty.

Indemnitynoun

(legal) An obligation or duty upon an individual to incur the losses of another.

Indemnitynoun

Repayment; compensation for loss or injury.

Indemnitynoun

(legal) The right of an injured party to shift the loss onto the party responsible for the loss.

Indemnitynoun

(insurance) A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.

Indemnitynoun

Security; insurance; exemption from loss or damage, past or to come; immunity from penalty, or the punishment of past offenses; amnesty.

Indemnitynoun

Indemnification, compensation, or remuneration for loss, damage, or injury sustained.

Indemnitynoun

protection against future loss

Indemnitynoun

legal exemption from liability for damages

Indemnitynoun

a sum of money paid in compensation for loss or injury

Indemnity

Indemnity is a contractual obligation of one party (indemnifier) to compensate the loss incurred to the other party (indemnity holder) due to the acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to or .