indemnity against liability


indemnity against liability
As contrasted with indemnity against loss, which is an obligee's right to compensation for a loss already sustained, it is an obligee's right to indemnification at the time a liability arises. The claim arises upon the obligor's default, regardless of whether the obligee has suffered loss. Central National Bank of Poteau v. McDaniel, Okl.App., 734 P.2d 1314, 1316.
See also subrogation

Black's law dictionary. . 1990.

Look at other dictionaries:

  • indemnity against liability — n. A promise to take on another person’s liability or compensate him or her if and when that liability arises. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …   Law dictionary

  • indemnity against liability — As contrasted with indemnity against loss, which is an obligee s right to compensation for a loss already sustained, it is an obligee s right to indemnification at the time a liability arises. The claim arises upon the obligor s default,… …   Black's law dictionary

  • indemnity — in·dem·ni·ty /in dem nə tē/ n pl ties 1 a: security against hurt, loss, or damage b: exemption from incurred penalties or liabilities 2 a: indemnification (1) b: something (as a payme …   Law dictionary

  • liability — li·a·bil·i·ty /ˌlī ə bi lə tē/ n pl ties 1: the quality or state of being liable 2: something for which one is liable: as a: a financial obligation: debt tax liability the bonds …   Law dictionary

  • liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… …   Black's law dictionary

  • liability — The word is a broad legal term. Mayfield v. First Nat. Bank of Chattanooga, Tenn., C.C.A.Tenn., 137 F.2d 1013, 1019. It has been referred to as of the most comprehensive significance, including almost every character of hazard or responsibility,… …   Black's law dictionary

  • indemnity insurance — Insurance under a policy providing indemnification for actual loss or damage suffered by the insured (Shealey v American Health Ins. Corp. 220 SC 79, 66 SE2d 461, 27 ALR2d 942) as distinguished from insurance, particularly insurance under a… …   Ballentine's law dictionary

  • indemnity bond — A bond to indemnify the obligee or indemnitee against loss from the conduct of the obligor or indemnitor or from the conduct of a third person. 12 Am J2d Bonds § 1. A bond, the condition of which is the indemnification of the obligee against loss …   Ballentine's law dictionary

  • Price-Anderson Nuclear Industries Indemnity Act — The Price Anderson Nuclear Industries Indemnity Act (commonly called the Price Anderson Act) is a United States federal law, first passed in 1957 and since renewed several times, which governs liability related issues for all non military nuclear …   Wikipedia

  • Protection and indemnity insurance — Protection and indemnity insurance, commonly known as P I, is a form of marine insurance provided by a P I Club. A P I Club is a mutual (i.e. co operative) insurance association that provides cover for its members, who will typically be ship… …   Wikipedia