third-party insurance

American  

[thurd-pahr-tee] / ˈθɜrdˈpɑr ti /

noun

1. insurance that compensates for a loss to a party other than the insured for which the insured is liable.

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Other Word Forms

• third-party insurer noun

Etymology

Origin of third-party insurance

First recorded in 1900–05

Example Sentences

It noted, however, that “renewal of our third-party insurance agreements should result in a mid-single-digit percentage increase in cost of insurance on a per-ride basis quarter over quarter.”

From MarketWatch • Nov. 5, 2025

But in January CEO Elon Musk said premiums from third-party insurance companies "in some cases were unreasonably high."

From Reuters • Mar. 20, 2023

Some nonprofits, including the Roman Catholic Church, have used captives to ameliorate the high premiums charged by conventional third-party insurance companies to underwrite sexual abuse claims.

From Salon • Apr. 15, 2021

Some also hand them over to third-party insurance firms, moving a big cost factor off their balance sheets.

From The Wall Street Journal • Jan. 9, 2017

While it accepts Medicare, it does not currently accept third-party insurance, although it is exploring the option, a spokeswoman, Danit Marquardt, said, adding that it is starting to enroll some of its stores in Medicaid.

From New York Times • Aug. 7, 2014