Indemnification is the process of compensating an individual or entity for losses, damages, or injuries included by an insurance policy. This means that the company must provide financial compensation to cover the costs associated with the insured loss.
It can include reimbursement for medical expenses, repair or replacement of damaged property, compensation for loss of income or wages, and other costs related to the covered loss.
Furthermore, indemnification can be facilitated through an indemnity bond or an indemnification agreement. It’s important to note that indemnification is subject to the limits and deductibles set in the policy.
Additionally, the insured generally has the responsibility to report and properly document the loss or damage to the company in order to receive the corresponding reimbursement.
When you file a demand at PSIC, we will assign you a claims adjuster who will be responsible for assessing the damages caused by the incident in order to compensate you. The insurance is designed to help you recover and return to your situation before the incident occurs.
You can learn more about the compensation options available for each of our products, such as Homeowners, Motorcycle, or Off-road insurance, among others. We are here to support you through the process and ensure you receive the help you need.
It’s worth mentioning that the laws and regulations related to indemnification can vary in different states and depend on the type of insurance and specific coverage purchased.
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5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807
Copyright © McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.
Privacy Notice at Collection for CA employees
Last updated: June 27, 2023
We take the privacy of our employees and applicants very seriously. Please read this notice carefully as it contains important information on the personal information that we collect, why we collect it, how long we keep it, and that it is not sold to third parties.
Other terms used but not defined will have the meaning set forth in the CCPA, as amended by the CPRA, Cal. Civ. Code §§ 1798.100—1798.199.100, and accompanying regulations set forth under Cal. Code Regs. tit. 11, § 7000 et seq.
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We will not retain your personal information for longer than necessary for the purposes set out in this notice. Different retention periods apply for different types of personal information.
When it is no longer necessary to retain your personal information, we will delete or anonymize it.