google bot detected Contract Of Indemnity | Insurance Glossary |

Contract Of Indemnity

Definition of "Contract of indemnity"

Chris Chaffee
  Century 21 Town and Country

Property and liability insurance contracts that restore the insured to his/her original financial condition after suffering a loss. The insured cannot profit by the loss; otherwise an unscrupulous homeowner, for example, could buy several fire insurance policies, set fire to the house, and collect on all the policies.

Related Real Estate Glossary terms

Related Real Estate FAQ