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Home Personal Finance Life Insurance Information Definition of Life Insurance Definition of Third Party Insurance
Definition of Third Party Insurance
Print this article If you purchase auto, homeowner s or personal liability insurance, you have likely heard the term third party insurance. Knowing how third party insurance works will help you better understand how your policy protects you.
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Definition
Third party insurance is coverage purchased from an insurer for protection against claims made by another person or company. The person or company making the claims is not listed on the policy.
Purpose
When a person drives a vehicle, invites guests into his home or runs a business, he has the potential to cause harm to others. Third party insurance pays for that harm, putting a claimant in the same position as if the harm had never occurred.
Auto Liability
Auto liability, which pays for injuries and property damage caused to other drivers and passengers, is an example of third party insurance.
Homeowner s Liability
Homeowner s liability is another example of third party insurance. This pays for damages caused to a visitor or even a trespasser who is injured while occupying your property.
Professional Liability
Professional liability is a type of third party insurance that pays for damage you cause to others during the course of business, including delays and monetary loss.
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