14-11-2017 03:05 PM
By definition a 3rd party insurance policy a kind of policy, on which an insurance company agrees to indemnify the insured person, if the insured legally held liable to pay for injuries or damage caused to some one else including property.
It also called as “Act only Cover”
By name as it suggest 3rd Party:
1 Party: The insured
2 Party: The Insurance Company
3rd Party: All who may be legally have a right to claim for damage caused by the act of 1st party (Insured)