In a composite professional indemnity policy, the term 'third party' in the insuring clause means any person other than the particular insured against whom the proceeding is brought, not a person unconnected with any insured. The subsidiary exclusion in an associates clause applies by reference to any insured under the extended definition, including directors. A shareholder of a corporate unitholder in a trust has no beneficial interest in the trust's claim or its proceeds, so such a claim is not brought 'for the benefit of' that shareholder.
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