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Market agreements

There are inter- company agreements adopted for good practices, signatories to these agreements undertake to observe certain procedures when dealing with claims affecting their companies. However, the agreements are not legally binding.

The common agreement in the country is the Knock for Knock Agreements. this is applicable to motor insurers. In each agreement, each insurer agrees to compensate their insured irrespective of who is liable between the motorists provided such risks are covered. They will desist from seeking subrogation rights against the negligible motorists. It works well were motor vehicles are covered comprehensively.

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