Contract of Indemnity and Guarantee (Section 124 – 147) Contract of Indemnity define (Section 124) A contract by which one party promise to save the other party from loss caused to him by the conduct of the promisor himself or by the conduct of the any other person, is called a “Contract of Indemnity”. Parties There are two parties in Indemnity contract Indemnifier :- who promise to save the other party from loss. Indemnified :- who is promised to be saved. Point to Remember A contract of fire insurance or marine insurance is always a contract of indemnity. But there is no contract of indemnity in case of contract of life insurance. Essentials of contract of indemnity Two parties :- there must be two parties in contract of indemnity first one is indemnifier and the other one is indemnified. Protection of loss: - The object of contract must be protecting the one party from the loss by the other party. Express or implied: - A contract of indemnity may b...