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indemnify (v.)

"compensate for loss or expense," 1610s, from Latin indemnis "unhurt" (see indemnity) + -fy. Related: Indemnified; indemnifying. "Indemnify formerly meant to save a person from damage or loss, but now much more often means to make good after loss or the damage of property." [Century Dictionary]

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Definitions of indemnify from WordNet

indemnify (v.)
secure against future loss, damage, or liability; give security for;
indemnify (v.)
make amends for; pay compensation for;
From wordnet.princeton.edu