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Indemnity and Guarantee
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INDEMNITYAND
GUARANTEE
, CONTRACT OF INDEMNITY
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, is called a
‘contract of indemnity. [section 124].
For Example - A contracts to indemnify B against the consequences of any proceedings
which C may take against B in respect of a certain sum of 200 rupees. This is a contract
of indemnity.
PARTIES TO CONTRACT OF INDEMNITY:
INDEMNIFIER: The person who promises to indemnify.
INDEMNITY HOLDER: The person whose loss is to be indemnified.
Examples:
Motor insurance
Marine insurance
Fire insurance
Life insurance is not the contract of indemnity.
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