INDEMNITY. An indemnity fs a ccollateral contract or assurance, by which one person engages to secure another against an anticipated loss or to prevent him from being damnified by the legal consequences of an act or forbearance on the part of one of the parties or of some third person. See Civ. Code Cal § 2772, Davis v. Phoenix Ins. Co., 111 Cal. 408, 43 Pac. 1115; Vandiver v.