Third Party Liability Insurance Claims in My Country | Car, Medical, Life, Accidents
What is third party insurance definition; Third party medical insurance; Third party liability insurance for car; third party car insurance explained; third party insurance meaning with example; what is third party insurance with example; third party liability insurance for rental car and third party insurance claims - READ: Benefits of Using a Travel Agent.
THIRD PARTY LIABILITY INSURANCE - Presently, Our Travel Service is always available to give you information on whatever matters to you. Believe me most times we are being asked about third party liability insurance. This is a term that sometimes confuses too many people and one that has indirect and direct answers based on ones understanding.
Surprisingly it is not as though as people look at it. Below are Primary rundown of what you need to know about third party liability insurance.
WHAT IS THIRD PARTY LIABILITY INSURANCE?
Believing that this life doesn’t belong to us, we as well need to be ready for anything that might come across us. Because now, a life changing incident can happen in just a blink of an eye, whether it’s a car crash, an injury in your home or an accident at your place of business.
But did you know that you could be held financially accountable for an incident (Mistake in accident not caused by you) even if it’s not your fault? That’s where third party liability insurance comes in.
However, this is exactly how you can simply define third party liability insurance: It protects or covers you against unseen actions and, in some circumstances, the actions of others. For example, if you cause an accident while driving, or a friend is driving your vehicle and causes an accident, third party liability insurance would cover the cost of injury/damages to the other driver and/or their vehicle.
Here’s how it’s broken down:
First party (1) = Meaning youSecond party (2) = your insurance companyThird party (3)= other parties involved in the incident just as explained above
What Does Third Party Insurance Covers?
It will interest you to know that third party liability insurance only covers the legal, medical or associated costs for others who are involved in the incident, not yourself. If you’ve been found to be directly at fault in a particular incident, you and your property would only be protected,But again, that will only be when you have first party coverage.
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WHO NEEDS THIRD PARTY LIABILITY INSURANCE?
Surprisingly this unique form of insurance is available for both individuals and businesses. It can protect your car, your home and your company in the event of any medical, legal or associated costs related to an incident caused by you or, in some circumstances, someone else such as an employee, family member or friend.`
THIRD PARTY LIABILITY INSURANCE
1. Businesses Coverage
Many businesses carry third party liability insurance to cover a wide range of specific risks, including legal fees associated with employee claims, costs associated with injuries sustained by customers, and any claims made against your business’ products or services.
2. Automobile Coverage
Let’s say you lend your car to your friend Kingston who gets into an accident and badly injures Gloria, an innocent bystander. Since it was your vehicle, Gloria could potentially sue you and Kingston. Third party liability insurance would cover any of medical and related expenses incurred by Gloria that you would be held liable for.
3. Home Coverage
A similar situation might arise in your home. Say you’re having a party in your backyard. Kim accidentally injures a guest while on your property. Both you and Kim would again be protected by third party liability insurance each under your own homeowners policy that would cover the injured guest’s legal, medical and associated costs resulting from the accident.
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What is third-party insurance? definition and meaning
Business Dictionary Meaning of Third Party Insurance
Business Dictionary defines Liability insurance purchased by an insured (the first party) from an insurer (the second party) for protection against the claims of another (the third) party. The first party is responsible for its own damages or losses whether caused by itself or the third party.
Source: www.businessdictionary.com/definition/third-party-insurance.html
Third-Party Insurance - Investopedia
Third-party insurance is essentially a form of liability insurance purchased by the insured, the first party, and issued by an insurer, the second party, for protection against the claims of another, the third party. The first party is responsible for its own damages or losses, no matter how they were caused.
Source: www.investopedia.com/terms/t/third-party-insurance.asp
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Third-party liability coverage - Insurance Glossary | IRMI.com
Third-party liability coverage - In general, any type of insurance covering the legal liability of one party to another party.
Source: https://www.irmi.com/online/insurance-glossary/.../third-party-liability-coverage.aspx
Liability insurance - Wikipedia
Liability insurance is a part of the general insurance system of risk financing to protect the ... Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured...
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