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Marine insurance provides financial coverage for the loss of, or damage to, a ship, its cargo, and any other property from the departure port to the arrival port. Specific sub-types of marine insurance include marine cargo insurance, marine business insurance, and personal watercraft insurance.

One type of marine insurance is individual watercraft insurance which is aimed to target insurance of non-commercial usage watercraft. Individual watercraft insurance is similar to that of automobiles. Similar to automobile insurance, individual watercraft insurance policies might not only cover property losses but also offer individual protection and watercraft liability coverage.

The liability coverage may cover bodily injury to watercraft occupants, along with others who are involved in any accident. Further medical coverage is generally available in a separate policy rider. Uninsured boater coverage is available as well to cover any damage incurred from hit-and-run vessels, or from vessels which lack insurance coverage.

This also includes towing and salvage coverage. If your car breaks down you will be covered and they will also provide gasoline if you run out. Furthermore, towing and salvage coverage can keep you from having to invest a lot of money salvaging a vehicle with heavy damage.

Hull coverage for the vessel is typically offered in either "agreed value" or "actual cash value" forms. Like other forms of insurance, actual cash value policies depreciate considerably as the vessel ages, or otherwise becomes less valuable. Agreed value insurance continues to pay the full amount shown on the policy without depreciation.

Marine insurance may cover all risks or only the risks and perils that are specified in the policy. It is imperative that one fully understands the stipulations that may render the policy null and void. Are there any navigational limits? If those limits are exceeded then the policy is void. Since boundaries are not marked and easily viewed in the waters, accidentally exceeding those navigational limits can easily be done.

Personal watercraft insurance is available for virtually all watercraft, from small pleasure boats and fishing boats, to large yachts and houseboats. Specialty coverage can include coverage for watercraft rentals, fishing excursions, and other charter boat trips. With a wide selection of insurance companies and options available, finding the right coverage for your craft and situation simply takes a little research.