An Indemnity is a col-lateral contract or assurance, by which one person engages to secure another against an anticipated loss or to prevent him from be-lng damnified by the legal consequences of an act or forbearance on the part of one of the parties or of some thlrd person. See Clv. Code CaL § 2772, Davis v. Phanlx Ins. Co., Ill Cal. 409, 43 Pac. 1115; Vandiver ▼. Poliak, 107 Ala. 547, 19 South. 180, 54 Am. St Rep. 118; Henderson-Achert Lithograph-lc Co. v. John ShlUlto Co., 64 ohlo SL 236, 60 N. E. 295, 83 Am. St Rep. 745. Thus, lnsurance is a contract of lndemnlty. So an Indemnifying bond is glven to a sheriff who fears to proceed under an execution where the property is claimed by a stranger
Source: Black’s Law Dictionary 2nd Ed (1910)
