Other Parties
The term “other parties” in insurance can refer to any other person or institution involved in an insurance contract. If you take out car insurance you may decide to work through an insurance broker. In this case the insurance broker will be one the parties involved in writing the insurance business on behalf of the insurance company. The insurer (insurance company) and the insured (person who applied for insurance cover) forms the two main parties to the insurance contract.
The word parties can refer to anyone dealing with insurance, even the Insurance Ombudsman. In the case of a business the owner will also be an involved party.
The term “other parties” is most often used in the wording of insurance contracts when referring to third parties (people outside the contract.) For example, if you have third party car insurance and you are the guilty party in a car accident, your insurance company will indemnify you against claims from the other parties – person(s) in the other car(s) involved in the accident. Insurance will cover the claims against you for injuries or death as well as damage to their property. Other parties could also be pedestrians that suffered injuries in the accident, or the owner of a parked car that you damaged in the accident.