Third Party

{
  "id": "MLC-T-ENV-027997",
  "term": "Third Party",
  "field": "Environment",
  "definition": "1. A party that is not a party to the insurance policy. Parties to the policy are typically the insurer and the insured. Third parties may include private parties and government entities enforcing regulations. A claim (e.g., a lawsuit) by an entity against a policyholder of another company and the payment, if any, will be made by the policyholder's company or insurance policy.\n\n2. Any entity that is not a buyer or seller in the trade. A third party can be a state agency, conservation district, private entity, or other organization or person. Third parties could assist in facilitating credit exchanges and verifying BMPs.",
  "subject": "Policy and guidance",
  "references": [
    "Environmental Insurance and Risk Management Tools Glossary",
    "Water Quality Trading Toolkit for Permit Writers Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/third-party/"
}