To promise to compensate a party monetarily in the event of a loss of or damage to the insured item. To engage to indemnify a person against pecuniary loss from specified perils. To act as an insurer.
To promise to compensate a party monetarily in the event of a loss of or damage to the insured item. To engage to indemnify a person against pecuniary loss from specified perils. To act as an insurer.