indemnity
n.n. a legal agreement that protects you from having to pay money if something bad happens. It is often used when one person or company is responsible for another's losses.
n. a legal protection against loss or damage, typically provided by an insurance policy or a contractual agreement. It ensures that the party receiving the indemnity is compensated for any financial liability incurred.
The company provides full indemnity for any mistakes made by its employees.
Before signing the contract, the client requested a written indemnity to cover any potential legal costs if the project failed.
The insurance policy provides comprehensive indemnity against third-party claims, ensuring that the firm remains solvent even in the event of a catastrophic product failure.
From late Middle English indempnite, from Middle French indemnité, from Late Latin indemnitās (“security from damage”), from Latin indemnis (“undamaged”), from in- (“not”) + damnum (“damage”).