Third Party

Third Party Person other than the insured or insurer who has incurred losses or is entitled to receive payment due to acts or omissions of the insured. A person who purchases insurance is known as the first party. Any insurance company, that provides insurance to a buyer is called as the second party. Damages caused to any vehicle plying on road, property or person is known as the third-party and considered to be a liability for any insured vehicle moving on road. The third party is important in law, legal provisions regarding third party insurance gives an obligation to users of automobile must purchase a mandatory a third party insurance cover under law. In automobile insurance we hear most often of third party insurance cover as in most jurisdiction it is a compulsory insurance policy. The two main categories of third-party insurance are liability coverage and property damage coverage. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful