What Is Third-Party Insurance?

Third-party insurance is the contractor's property, which may occur during the construction of the project or during the execution of the contract, against the property of any person including the property of the project owner, or the property of any person employed by the project owner. Liability for tangible or intangible loss, damage or injury is covered. The amount of this insurance shall be insured according to the amount specified in the tender. And the insurance clause should stipulate that the project owner does not bear any claims, litigations and all other costs related to this. ^[1]

Third party insurance

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Third-party insurance is the contractor's property, which may occur during the construction of the project or during the execution of the contract, against the property of any person including the property of the project owner, or the property of any person employed by the project owner. Liability for tangible or intangible loss, damage or injury is covered. The amount of this insurance shall be insured according to the amount specified in the tender. And the insurance clause should stipulate that the project owner does not bear any claims, litigations and all other costs related to this. ^[1]

For example, the relatively well-known Life Sky Insurance Intermediate Station in the insurance industry is a typical third-party insurance concept platform. It takes "insurance bidding" as its core operating model and combines comprehensive functions such as insurance consulting and insurance search to enable

Today, people who need insurance can correctly understand the meaning and function of insurance, but they are not experts after all, and they don't know enough about how to purchase insurance correctly and obtain a tailor-made insurance plan. They need to understand, and they need to understand all aspects correctly and objectively, but at the same time, they attach great importance to personal privacy, do not like to be chased and disturbed by agents, and are afraid of human relations.

Based on this, an online platform that provides third-party insurance service functions such as "insurance bidding, insurance consulting, and insurance search" came into being. Taking "insurance bidding" as an example, people who require insurance need only provide third-party insurance services. By publishing its own insurance demand information, the platform can obtain insurance solutions tailored to it by different agents of major insurance companies in the local area. Its private information is completely concealed and will not be harassed in any form. In an easy environment without any pressure, it can autonomously choose an insurance plan that suits itself and contact the insurance agent it likes. The third-party insurance service platform also provides an important channel for insurance practitioners to open up online customer resources, which helps insurance practitioners to form a positive and healthy competitive atmosphere and improve the overall business quality and service level.