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.
Read more about Knock-for-knock Agreement: Rationale, Other Contexts
Famous quotes containing the word agreement:
“That which corrodes the souls of the persecuted is the monstrous inner agreement with the prevailing prejudice against them.”
—Eric Hoffer (1902–1983)