What is Third Party Insurance

What Is Third Party Insurance?
Generally, in damages recovery system there are two different kinds of insurance. One is the first party insurance and the other is called the third party liability insurance by the insurance companies. Usually in a third party insurance policy the insurance company will indemnify the injured person if he or she is legally held liable for injuries or damages done to third party. The first party is the insured person, the second party is the insurance company and the third party is the injured person who claims damages against the insured person. Read about public liability insurance and commercial liability insurance. Read what is third party insurance?