Estimating & Workflow
Indemnity
The principle that insurance pays to restore a policyholder to the financial position they were in before the loss, without producing a profit. Indemnity affects how an estimate is priced, because the carrier pays the cost to repair or replace damaged property rather than an inflated amount. For a contractor, that means the estimate documents actual repair costs, and the payment should not exceed the loss itself.
Common questions
What does "Indemnity" mean in Xactimate estimating?
The principle that insurance pays to restore a policyholder to the financial position they were in before the loss, without producing a profit. Indemnity affects how an estimate is priced, because the carrier pays the cost to repair or replace damaged property rather than an inflated amount. For a contractor, that means the estimate documents actual repair costs, and the payment should not exceed the loss itself.
Where does "Indemnity" show up in a claim?
The term matters on estimates and scopes across the insurance restoration workflow. Browse the glossary for related terms.
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