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An indemnity is distinct from a warranty in that: [8] An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
For example, if a city authority plants a bush with poisonous berries in a public park, it should fence it off in case the children visiting the park are tempted to eat these berries. [4] However, an occupier may reasonably expect that his child visitors be accompanied by their parents or other guardians, who will look after them.
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a ...
The bond typically includes an indemnity agreement whereby the principal contractor or others agree to indemnify the surety if there is a loss. [19] In the United States, the Small Business Administration may guaranty surety bonds; in 2013 the eligible contract tripled to $6.5 million. [20]
Examples of this include physical or emotional pain and suffering, loss of companionship, loss of consortium, disfigurement, loss of reputation, impairment of mental or physical capacity, hedonic damages or loss of enjoyment of life, etc. [26] This is not easily quantifiable, and depends on the individual circumstances of the claimant. Judges ...
For example, in 1926, an insurance industry spokesman noted that a bakery would have to buy a separate policy for each of the following risks: manufacturing operations, elevators, teamsters, product liability, contractual liability (for a spur track connecting the bakery to a nearby railroad), premises liability (for a retail store), and owners ...
The primary examples are: Concurrent causes. Where two separate acts of negligence combine to cause an injury to a third party, each actor is liable. For example, a construction worker negligently leaves the cover off a manhole, and a careless driver negligently clips a pedestrian, forcing the pedestrian to fall into the open manhole. Both the ...
Form numbers. Forms are traditionally identified by a number such as "first form" or "sixth form", although it is now more common to use the school year: for example, "ten" . The word is usually used in senior schools (age 11–18), although it may be used for younger children in private schools.