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what's the difference between indemnification and insurance hey guys we know the world of insurance can be confusing so we're here to help you through it in this video we're going to explain the difference between indemnification and insurance so let's first understand what indemnification means to indemnify means to compensate someone for their harm or loss and indemnity refers to contractual obligation for one party to provide compensation in the event of losses on the part of another party okay that was easy enough but is indemnity the same as insurance the short answer is no insurance and indemnity are different because you can have indemnity without an insurance policy but not the other way around here's why indemnity is the process by which responsibility for losses is explicitly transferred within a contractual relationship without the contract there's no way for an insurance policy to be able to enforce its provided protections insurance on the other hand is the actual contract aka policy mandating the financial restitution from an insurance company in the event of losses these two terms indemnification and indemnity are often used interchangeably for example it is common to see both indemnity clause and indemnification clause describing the same provision within a contract defining legal responsibility for the losses in some cases however indemnification delineates the act of securing freedom against liability for losses or harm so when a contract requires indemnity from losses on the part of another party you have achieved this however it would be just as correct to say you have indemnity i will also list some important terms here that you may encounter in the indemnity indemnification process and indemnity when it's spelled with two e's instead of a y at the end is the party in a contract who is free from liability for compensation related to losses this is the status most of us would strive for in a negotiation the indemnitor is the party liable for losses or damages they bear the financial and legal responsibility in the event of a setback accident or other issue that may lead to losses in an insurance contract this is typically the insurer hold harmless is a provision that typically exists within an indemnity clause and one sometimes confused for the concept of indemnity hold harmless language releases an indemnity spelled with two e's from liability for losses as we now know indemnity relates to compensation for losses thus it is technically possible to be held harmless for liability while still being responsible for costs and vice versa to learn more please watch our hold harmless video link will be in the card above and the description below that is it for today folks don't forget to hit the like button and subscribe for more of our insurance videos thanks