CONTRACT OF INDEMNITYContract of Indemnity • January 7th, 2019
A contract is an agreement enforceable by law. Indemnity is making good of a loss. Contract of indemnity is a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person. Most contracts of insurance belong to the general category of contracts of indemnity. A contract of indemnity is a special type of contract, such as marine insurance, fire, etc. On the other hand, the contract of insurance which is not contract of indemnity, such as life insurance, personal accident insurance and sickness insurance. In all contracts of insurance, whether marine or non- marine, which are contracts of indemnity, the insurer is entitled to be subrogated to the rights of the assured and to a contribution from other insurers where he has paid the whole of the loss or more than his proportionate share of it.
Contract of IndemnityContract of Indemnity • November 5th, 2022
Contract of Indemnity is a type of contingent contract. The term ' indemnity' simply means 'make somebody safe' or 'paying somebody back'. A contract by which one party promises to save the other from loss caused to him by the conduct of promisor himself, or by the conduct of any other person, is called a contract of indemnity.
CONTRACT OF INDEMNITYContract of Indemnity • July 28th, 2020
The term “Indemnity” means to make good the loss or to compensate the party who has suffered some loss. The term “Contract of Indemnity” is defined under Section 124 of the Indian Contract Act, 1872. It is “a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person.”
