London Market
Why MRC slips defeat generic document AI
5 minute read
The Market Reform Contract is the London Market’s standard placing document — and a stress test that generic document AI reliably fails. An MRC is not a form: it is a structured narrative whose sections, risk details, conditions and schedules interrelate in ways that matter commercially.
Where horizontal tools break
Tools trained on invoices and application forms treat an MRC as text to be mined. They extract words but lose structure: conditions detach from the sections they modify, schedule references break, multi-class slips blur together. The output looks like data and reads like noise — which is worse than nothing, because it must be checked line by line.
- insuredRavensholme Estates Limited
- limitGBP 10,000,000section lost — which class?
- limitGBP 2,500,000section lost — which class?
- conditionLMA5405section lost — governs what?
- scheduleSchedule Asection lost — attached to what?
- period01.11.2026 – 31.10.2027
- insuredRavensholme Estates Limited
- period01.11.2026 – 31.10.2027
- section_a.limitGBP 10,000,000
- section_b.limitGBP 2,500,000
- conditionLMA5405, Section B only
- schedule_aattaches to Interest, Section A
What reliable MRC extraction requires
Reliable extraction treats the MRC’s structure as first-class: sections recognised as sections, schedules linked to risk details, terms tied to the classes they govern. It also requires market context — knowing what a line, an order, or a TIV split means — and validation against the rest of the submission pack. That is domain software, not document tooling; it is why London Market extraction remains a specialist discipline.