What are the differences between indemnity and liability?
An example of an AI chatbot conversation about indemnity vs liability in legal terms.
What are the differences between indemnity and liability?
Indemnity refers to a contractual obligation to compensate for loss or damage, while liability is the legal responsibility for that loss or damage.
Can you give me an example of indemnity in a contract?
Sure! In a construction contract, a contractor may agree to indemnify the client against any claims arising from accidents on the site.
How does liability insurance relate to these terms?
Liability insurance protects against claims resulting from injuries or damage to others, covering the insured's liability.
Are there different types of liability?
Yes, there are several types, including general liability, professional liability, and product liability, each covering different risks.
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