Whats the difference between indemnity and liability

A sum of money paid in compensation for loss or injury.Professional liability covers more abstract risks, such as errors and omissions in the services your business provides.For example, an ip indemnity may be expressed as applying to 'all amounts paid by way of damages or in settlement to a third party claimant…' which then ignores the fact that the primary loss the indemnified party may have suffered is its own internal costs associated with having to deal with the infringement claim (which might for example.The cover limits tend to be different and the amount you'll need can depend on the type of business you run.If so, a question that may present itself to you is:

Damages under a liability clause are limited by causation, remoteness, and foreseeablity.Professional indemnity, on the other hand, protects against the risks associated with providing advice or recommendations to clients.• indemnity refers to a form of exemption from and/or security against certain losses, liabilities or penalties.The difference between limit of indemnity and limit of liability is puzzling.Public liability cover is usually between £1 million and £10 million.

For example, the term indemnify is used when a business hopes to protect itself against claims from a customer's error, while a hold harmless clause prevents a business from taking any responsibility for a customer's mistake.In general, an indemnity clause is an agreement to transfer specified risk from one party to another.Indemnification means that one party will cover the losses of another party.Experts recommend that both terms be included for maximum protection.A liability, in layman's terms, is more of a legal responsibility rather than a professional one.

An indemnity clause would most likely not prevent one.