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What is Contractual Indemnity in Insurance? Advice to Best Define Scope | Know Your Risk. IRMI.
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Indemnity agreements are one of the most popular risk-shifting tools used in oil and gas contracts. This video explains how the terms of the indemnity agreement can define the scope of the indemnity obligation. For example, the contract might specify that the indemnitor has no indemnity obligation for suits or claims caused by the indemnitee’s sole negligence. In addition, the indemnity obligation might only exist for suits or claims caused by the indemnitor’s work or negligence.
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Subscribe to our channel and follow us on social to get deep-dives, insightful articles, proven risk management tactics, and other breaking developments in insurance and risk management.
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