Bharti AXA INSURANCE GLOSSARY Indemnification ( Indemnify) To indemnify someone means that one (indemnifier) promises to compensate the loss that occurs to the other party (indemnified) due to either the action of the indemnifier or action of a third party. This is the basis of most insurance policies and the limit of the liability for which the indemnification is provided is specified in the insurance contract. An indemnity, for example, can be defined as an assured sum paid by the indemnifier to the indemnified by way of compensation for a particular loss suffered by indemnified (insured) . Indemnity could be provided in form of cash payments, repairs, replacement, or reinstatement. A contract of Indemnity needs to meet all the conditions of a valid contract to be enforceable. Once the compensation is provided, the indemnifier is allowed to recover the costs though all the means which the indemnifier could have used to protect themselves. Further, loss to the indemnified is essential before the indemnifier can be held liable. Request Call Back Category * - Select -CarTwo WheelerHealthTravelPersonal Accident Buy Renew Claim submit Related Posts Disclaimer : The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.