Knock-for-knock Agreement

 

Voluntary Knock for Knock Agreement

In the event of damage to vehicle

A collision or attempt to avoid collision resulting in damage to motor Vehicle in connection which indemnity is granted by either or both parties to this agreement, each party to this agreement shall bear its own loss within the limits of this policy, except the legal liability.
 

Claims for medical expenses

Any Liability Payable Under the workmen’s Compensation Act as also Compensation for Employees carried in the Motor vehicle including the Driver shall be treated as “Damage” and shall be borne by company Insuring the motor vehicle in which they were traveling, subject to admissibility of such claims under respective policies.  
 

Damage to motor vehicle whilst in the hands of a maker etc

Damage to Motor vehicle whilst in the hands of a maker, repairer, garage proprietor, or selling agent when it is in a public place or is temporarily garaged during the course of journey elsewhere than in or any premises owned by  or in the occupation of the insured shall be dealt with as clams under the policy (if any) held by the maker, repairer, garage, proprietor or selling agent, not withstanding any other insurance on such Motor Vehicle.
 

Provided always that this Agreement

Exclusions                                    
  • Shall not apply to tramways or railways 
  • Shall not apply to loss or damage covered by policy for any cover less    then comprehensive issued by either of the parties hereto. 
  • Shall apply only to accidents, arising in geographical areas of applicability of polices and foe which indemnity is provided under polices issued by the companies signing this agreement.
     

And provided that further that

All insurance who are signatories to this agreement agree that their bearing the liability in view of this “Knock for Knock” agreement shall be final and they shall not resort to any recovery against the other insurance invoking subrogatory right. 
 

Absence of claims by Insured

Absence of claims or of notice of accident by a policyholder or other Person indemnified by such policy shall not prevent the operation of this Agreement between the parties hereto where this Agreement    provide that the loss or part thereof shall be borne by a party hereto, and the loss is paid by the other party hereto, the purpose of this Agreement shall be effected by reimbursement between such parties, subject to the limits of sum assured or compensation, as the case may be, issued by such parties. 
 

Internal Disputes Redressal Mechanism

The Signatories to this Agreement agree to set up a joint “internal Disputes Redressal committee “represented thought the head of claims department. The Committee will met once in quarter or more often, as the need be, to take up disputes between the signatories on case-to-case basis. Every effort will be made to redress the matter in this committee and no matter can be taken up for Arbitration unless the committee has heard and decided the matter. the companies may decided to set up sub- committees at different centers for redressal  of disputes to be addressed at that level and the CEOs will decided the competent authority for the purpose.
 

Arbitration

Difference if any arising out of this Agreement shall independently of all other questions, be referred to the decision of an Arbitrator, to be appointed in writing by parties in difference, or if they cannot agree  upon a single arbitrator, to the decision of two disinterested persons as arbitrators of whom one shall be appointed in writing by each of the parties within Two calendar months after receipt of notice in writing  requiring an appointment, and in the event failure of one party shall be at liberty to appoint a sole arbitrator the difference, if any, between the Arbitrators shall be referred to the decision of an umpire who shall have been appointed by them in writing before entering on the reference and who shall sit with the arbitrators and preside at their meeting.