- Before
- “The broker wants an answer on the call. The precedent is in a wording I can’t find.”
- Now
- Asks in plain words and goes into the call with the bound versions, the refusals, the claim and a signed position.
One sanctions clause, from the broker’s draft to a signed position
Tellurin Commodities B.V. renews its marine cargo open cover on 1 November: $25,000,000 any one conveyance, premium $1,840,000. The broker’s wording arrives at 09:41 and the call is at 15:00. Here is the day, screen by screen, in the working solution.
- 0109:43
The broker’s draft, checked clause by clause
Hannah Okoro · Senior marine cargo underwriterSophie Lang of Marlow Keane Brokers sends a 14-clause renewal wording. Hannah presses “Check all 14 clauses”: the wording reader splits the draft, the difference marker compares each clause with the carrier’s standard, and the precedent finder searches 38,412 bound wordings for the four that changed. Ten are our standard word for word, two were bound before with approval, one was refused before — four times — and one has never been seen in the book.
Clause 7, “MK Sanctions Clause 2026”: “US reference removed; ‘would expose’” — refused before.
- 0213:52
A plain question, and every step shown
Hannah Okoro · Senior marine cargo underwriterShe types the question the way she would ask a colleague: “Have we bound a cargo sanctions clause without the US reference?” The run is on screen as it happens — the question read as the sanctions family in marine cargo, 2021–2026; 412 bound wordings and refused proposals searched; nine versions matching, six answering; the changed words marked; approvals, refusals and the one claim attached.
“412 bound wordings and refused proposals · 9 versions match, 6 answer the question.”
- 033.8 seconds
Six bound versions, 2021 to 2026
Precedent finderThe answer is a stack of precedents, each a wording the carrier actually bound, with the insured, the year, the limit, the reference and what happened next. Beside it, the cited answer: “Once, and it went badly.” The US reference came out once, for Corvane Grain in March 2022, and has been refused four times since.
- 04Fan out
The words that changed, lit version by version
Difference markerOne click fans the six versions side by side. Added words are lit green, removed words struck in red, and a sanctions regime added or removed is marked in amber; unchanged runs fold away so each version shows only what moved. 53 words changed across the six — from Aldersgate Coffee Traders on SC-2019 to Brennholt Agrar on SC-2024 with the carve-back BRC-1.
The difference marker never judges whether a change is acceptable — that is the underwriter’s decision.
- 05The exception
Corvane Grain, March 2022
Hannah Okoro · Senior marine cargo underwriterShe opens the Corvane version against the one before it. Three words changed, and “or United States of America” is struck. The decision line reads: approved by Julian Whitlock, 18 Mar 2022, “single-year exception”. The outcome line: claim C-23-0418, wheat cargo, $1.9m, buyer on a US list only, argued seven months, settled $1.42m.
- 06Opened
The bound wording, with what happened at claim
Outcome linkerPSI-MC-22-0391 opens at its sanctions clause, with margin notes from the agents: 24 words differ from SC-2024, the exception approved, and the claim. With the US reference removed the clause did not suspend payment, and the reinsurers’ US-owned panel would not follow. Argued for 214 days; settled at $1,420,000.
Claims counsel’s full note stays with claims — underwriters see the outcome line only.
- 07Refused since
Four refusals, and who made them
Outcome linkerThe precedent table counts the same request across every class and year: 41 wordings bound without the US reference, 42 refused, and none bound in marine cargo since March 2022. In marine cargo, in order: Halvard Shipping refused by Hannah in November 2022, Varga Cereals by Tom Hadley in April 2023, Kestrel Agri in June 2024 and Sundby Timber in January 2026.
- 08Across the book
How the whole book tightened the clause
Drift trackerWording drift splits the sanctions clause into phrases across 1,947 bound wordings and 23 versions. “May expose” went from 0% of 2021 wordings to 98% in 2026; the US reference removed peaked at 6% in 2022 and is 0.3% now. A drift alert is already raised: “would expose” is still in two renewals due in November, and their owners were told on 9 October.
- 0913:55
A negotiation note for the 15:00 call
Note writerThe note writer drafts the position from the stack: we will not remove the United States reference. What we offer is SC-2024 with the blocking-regulation carve-back BRC-1, as bound for Ostrava Metals, Lemaire Négoce and Brennholt Agrar — Tellurin is domiciled in Rotterdam, so the carve-back applies. What not to concede, and who to refer to if the broker insists: Julian Whitlock, Head of Wordings, before the call ends.
“Nothing is sent to the broker by an agent.”
- 1013:56 · signed
Her decision, on the record
Hannah Okoro · Senior marine cargo underwriterHannah signs: she decides to offer SC-2024 with BRC-1 to Marlow Keane for Tellurin Commodities B.V. and to refuse removal of the US reference. It is within her authority because that version was bound before with the Head of Wordings’ approval. Her signature and the four citations are recorded, and she goes into the call with the precedent in hand.
“Signed · recorded as the underwriting decision.”