Indemnity Insurance

What is Indemnity Insurance?

Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party.  Most commonly, it is an insurance policy designed to protect professionals and business owners when found to be at fault for a specific event such as misjudgment. Typical examples of indemnity insurance include professional insurance policies like malpractice insurance and errors and omissions insurance. These special insurance policies indemnify or reimburse professionals against claims made as they conduct their business.

Source: https://www.investopedia.com/terms/i/indemnity_insurance.asp
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