a bond that will compensate for a loss.
Search Results for: indemnity bond
LETTER OF INDEMNITY
A bank or insurance company promises by this written confirmation to act as a 3rd-party on behalf of the first party in a transaction or contract. This 3rd-party covers loss or damage to the 2nd-party in the agreement caused by the first party. Also known as indemnity bond.
COUNTERBOND
In old practice. A bond of indemnity. 2 Leon. 90.
CATASTROPHE BOND
A SECURITIZATION of a CATASTROPHIC HAZARD, such as an earthquake, hurricane, or windstorm. Repayment of PRINCIPAL and/or COUPONS is contingent on the occurrence of a defined lossmaking catastrophe; if a specified loss occurs, the issuer of the BOND (often an INSURER) may delay or cease making payments to investors, effectively transferring the RISK exposure to… Continue Reading CATASTROPHE BOND
NON DAMNIFICATUS
Lat. Not injured. This is a plea in an action of debt on an indemnity bond, or bond conditioned “to keep the plaintiff harmless and indemnified,” etc. It is in the nature of a plea of performance, being used where the defendant means to allege that the plaintiff has been kept harmless and indemnified, according… Continue Reading NON DAMNIFICATUS
DEED OF COVENANT
Covenants are sometimes entered into by a separate deed, for title, or for theindemnity of a purchaser or mortgagee, or for the production of title-deeds. A covenantwith a penalty is sometimes taken for the payment of a debt, instead of a bond with acondition, but the legal remedy is the same in either case.
COUNTER-SECURITY
A security given to one who has entered into a bond or become surety for another; a countervailing bond of indemnity.