indemnity

noun

1. 1.Security from damage, loss, or penalty.
2. 2.An obligation or duty upon an individual to incur the losses of another.
3. 3.Repayment; compensation for loss or injury.
4. 4.The right of an injured party to shift the loss onto the party responsible for the loss.
5. 5.A principle of insurance which provides that when a loss occurs, the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.