What Is Third Party Insurance?
Posted: 10/14/2009
It is important that you know that there are two very different types of insurance involved in whats called the damages system. One is called Third Part Liability Insurance. To insurance companies, it's just known as insurance though. The other mentioned is First Party Insurance.
The purpose of third party insurance policy is this: A third party insurance policy is a policy under which the insurance company agrees to secure against hurt, loss, or damage to the insured person (being you in this case), if he or she is sued or instead held legally liable for any damages or injuries done to a third party. In this case, you the insured are one party, the insurance company is will be the second party, and the person you injured who has claims of damages against you (the insured) is the third party.
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