What does Knock For Knock Indemnity mean? Read on to discover the definition & meaning of the term Knock For Knock Indemnity - to help you better understand the language used in insurance policies.
Knock For Knock Indemnity
A form of indemnity that is used in energy industry contracts. Knock-for-knock indemnity is reciprocal in nature and is based on ownership of property and personnel as opposed to allocating risk based on fault. Each party to an oil and gas contract agrees to take responsibility for and to indemnify the other party against injury and loss to its own property and personnel.
We hope the you have a better understanding of the meaning of Knock For Knock Indemnity.