indemnitor

������ does indemnitor mean?

An indemnitor is a person or organization (usually an insurance company) that provides indemnity—protection or security against damage or loss, or compensation for damages or money spent.Insurance coverage provides indemnity to a person or organization by insuring them for certain potential situations, such as damages to their property from natural disasters or accidents. Indemnity is commonly used in legal contracts to secure protection against being sued or held responsible for an accident. It’s often seen in the phrase indemnity clause.The one who provides such coverage is the indemnitor, and the one who receives it is the indemnitee. The indemnitor is typically the insurance company, and the indemnitee is the person or organization who pays for the insurance coverage.To provide indemnity is to indemnify. The indemnitor indemnifies the indemnitee.Example: The final damage assessment is the obligation of the indemnitor, not the indemnitee—that’s part of what the policyholder is paying for.