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 ?
But where these contracts can differ greatly from a standard form contract is the use of a reciprocal indemnity clause--commonly known as the 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".