What Does The Term ‘Indemnity’ Mean And Is It Applied?
Have you heard of the term ‘indemnity’? It’s always best to consult with a personal injury attorney about these cases. Contact Malloy Law Offices, LLC Today!
What Is Indemnity?
Indemnity is a term frequently used in a personal injury case. It means the act of making someone hold or to give back an equal amount of what is lost. In a case of an accident, this means the negligent party is to give back what the plaintiff’s side is entitled to. The injured party can request compensation from the insurance company. With that being said, they may have protection from losses which have occurred or will occur due to an accident.
How Is Indemnity Applied?
The act of indemnity not only applies to car accidents but to worker’s compensation as well. Indemnity clauses can be written into work contracts to allow an indemnifier better known as the insurance company to take any losses incurred if the employee gets hurt on the job. It can also be used to free the insurance company or the employer of liability if a breach of contract occurs by the employer.
Indemnity clauses are varied spending on the type of work you do. For example, if you were a contractor, there are different types of indemnity clauses that might apply. The limited form of indemnity clause makes the contractor liable for damages to third parties to the extent the damages were caused by the contractor.
However, a contractor is not required to indemnify the owner to the extent damages are caused by someone outside of the contract. So remember, this type of indemnity sought will be determined the date the statute of limitations begins to run. That’s why it’s always better to speak with an attorney so that he or she can clarify every doubt that you possibly have about your case.
How Can Malloy Law Offices, LLC Help?
Here at Malloy Law Offices, LLC, Our attorneys are experts when it comes to handling indemnities. These situations can be a little complex. To learn more on how our lawyers handle these scenarios, click here. Call (888) 607-8680 for a free consultation.