knock-for-knock


Also found in: Legal.

knock-for-knock

adj
(Insurance) designating an agreement between vehicle insurers that in the event of an accident each will pay for the damage to the vehicle insured with him or her without attempting to establish blame for the accident
Translations

knock-for-knock

[ˈnɒkfəˈnɒk] ADJ knock-for-knock agreementacuerdo m de pago respectivo
References in periodicals archive ?
A business acquaintance recently mentioned that her company was considering entering into a Master Service Agreement (MSA), which included a "knock-for-knock" provision.
Mr Winn said: "It wasn't until someone crashed into the back of me, and I was encouraged to settle knock-for-knock, that I realised I wasn't being offered the best service".
Because it is not a legal imperative to inform the police after a crash without personal injury, the insurance companies pay out on a knock-for-knock basis after their own inquiries.