👉 Indemnity is a legal concept that refers to a promise or obligation by one party, known as the indemnitor, to pay compensation to another party, known as the indemnitee, if any damage or loss is caused by or results from an act, omission, or default of the other party. The term is commonly used in insurance and tort law contexts and refers to a financial responsibility owed to one party by another. In the context of indemnity, the indemnitor (the person
