Third Party Liability means insurance, or section of insurance, that protects the first party (You - the policyholder) from legal liability to a third party (The other person / property involved– i.e. the other car involved in a road traffic accident).
The first party is policyholder – i.e. you
The second party is the Insurer – i.e. for Car Insurance, it is RSA Insurance Ireland DAC
The third party is the other person / property involved– i.e. the other car involved in a road traffic accident, the claimant.