Final answer:
The three IIC's used for insuring ocean marine cargo shipments are Institute Cargo Clause A (ICC A), Institute Cargo Clause B (ICC B), and Institute Cargo Clause C (ICC C), with ICC A offering the most comprehensive cover and ICC C the least.
Step-by-step explanation:
There are three main sets of Institute Cargo Clauses (IIC) used to provide insurance for ocean marine cargo shipments. These are categorized as Institute Cargo Clause A (ICC A), Institute Cargo Clause B (ICC B), and Institute Cargo Clause C (ICC C). ICC A offers the most comprehensive cover, protecting against all risks of loss or damage to the cargo except those specifically excluded in the policy. ICC B provides a more limited cover, typically excluding certain losses such as breakage, rust, and contamination. ICC C offers the least comprehensive cover, generally insuring against risks like fire, sinking, and collision, but excluding theft, pilferage, and non-delivery. It is essential for businesses engaged in global trade to understand these clauses to select the appropriate insurance coverage for their sea-freighted goods.