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Public liability Insurance
Indemnity insurance is a common expression used to refer to a liability insurance policy (public liability insurance in particular) however the word indemnity could be used in other types of insurance also. The following will explain the differences to help you understand where and when this terms is used and in what context.
Definition of indemnityInsurance companies use the word indemnity in many different ways but it basically means payment of compensation following a financial loss. The main purpose of indemnity insurance is to place the insured into the same financial position as they were before the insured event took place.
In the main instance of this being public indemnity insurance (also referred to as public liability insurance), the insured is covering themselves for any compensation they may owe the public following an accident. This could be where the insured damages their customer's property while working there or injures a member of public while performing the everyday work.