Knock-for-knock agreement
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manveena
A knock-for-knock agreement is an agreement between two insurance companies whereby, when both companies’ policy-holders incur losses in the same insured event (usually a motor accident), each insurer pays the losses sustained by its own policy-holder regardless of who was responsible. While an insurer may be able to pursue a recovery from the party responsible for an accident or from its policy-holder, this is a costly administrative procedure.
However, knock-for-knock agreements between insurers have been criticised as unfair on the party not responsible for an accident.
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