What does "indemnify" mean?

What does "indemnify" mean?

Elliot Matloff (President and Broker, The Matloff Company) gives expert video advice on: What is an "underwriter"?; What is "coverage"? and more...

Indemnify means to insure. It's another name or another word for insurance. If an insurance company says, "I indemnify you," they say, "I'm insuring you." They are protecting you. "You pay us a premium, we will protect you and will pay the claim, if we have one."