Generally, 'indemnity' is the security or protection against a potential loss. In law, it's when one party agrees to cover another’s losses or liabilities if certain things go wrong. It’s a common feature in contracts and insurance policies, where one side agrees to take on the financial risk if a particular event happens.
For example, indemnity insurance is designed to protect businesses or professionals from claims made against them - like covering the costs of legal fees or compensation if a mistake is made. It's common in conveyancing or commercial property, covering specific risks relating to things like a lack of planning permission or building regulations for property changes.
The exact terms can vary, so it’s important to check what’s covered in your contract or policy, as this can make a big difference if you ever need to make a claim.
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