👉 Indemnifications, in legal terms, refers to the obligation of a party to pay compensation or damages for any loss or damage suffered by another party as a result of their own actions, omissions, or negligence. For example, if a person is injured while riding a bicycle and the other party is not liable due to their own fault, the injured party may seek indemnification from the other party. This type of insurance coverage helps cover the financial losses incurred by the injured party. Ind
