What Does Indemnity Agreement Mean

Compensation forms the basis of many insurance contracts; For example, a car owner may take out different types of insurance as compensation for various types of losses resulting from the use of the car, such as.B. damage to the car itself or medical expenses after an accident. In the context of an agency, a principal may be required to compensate his agent for liabilities incurred in the exercise of his responsibilities in connection with the relationship. Although the events that lead to compensation can be contractually determined, the steps that must be taken to compensate the injured party are largely unpredictable, and maximum compensation is often explicitly limited. Many companies make liability insurance a prerequisite because lawsuits are common. Daily examples include medical malpractice insurance, which is common in medical fields, and error and injunction (E&O) insurance, which protects businesses and their employees from customer claims and applies to all industries. Some companies are also investing in deferred compensation insurance, which protects the money companies expect in the future. Depending on how the clause is worded, compensation may include: you would sign a compensation agreement with the parachutist company. By signing, the compensation agreement protects the skydiving company from prosecution. Compensation is common in agreements between an individual and a company (for example. B an agreement to obtain car insurance).

However, it can also apply to a greater extent to relations between companies and governments or between the governments of two or more countries. If a contract is non-negotiable (membership contract), the wording often lets the payment of compensation decide what to spend on legal fees and charge the compensation agent. [29] Most of the clauses are quite broad. [29] [30] The following are examples of claims from a number of companies. The last one, Angie`s List, limits problems to the fault of the user, but decisions and costs are still controlled by the opponent of compensation (Angie`s List). .

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