An Indemnity is a sum paid by A to B by way of compensation for a particular loss suffered by B. The indemnifying party (A) may or may not be responsible for the loss suffered by the indemnified party (B).Methods of indemnity:-a. Payment of cashb. Repairsc. Replacementd. ReinstatementGeneral & Legal MeaningIn common parlance indemnity is often used as a synonym for compensation or reparation.As a legal concept, it has a more specific meaning. For instance, compensation connotes merely a