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Marine insurance reimburses financial losses due to damage to a ship and any accompanying properties, including the cargo, from port of departure to port of destination. Available specialty marine insurance policies include those for 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.

This type of liability coverage applies to bodily injury for people using the watercraft and anyone else who might be involved in an accident. You can also choose to get another policy rider that will cover additional medical issues. Another option for coverage is uninsured boater coverage which applies to hit-and-run accidents.

Towing and salvage coverage is also an option. This consists of coverage of minor incidents. For example if towing is necessary due to engine failure, mechanical breakdown or if there is a need for the delivery of fuel to a standard vehicle. This type coverage can cover the policy holder against the elevated costs of salvaging a badly damage vehicle.

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.

A marine insurance policy may cover anything that can happen, or it may be limited to a specific set of risks. In either case, you need to understand all of the conditions that are attached to the policy before you purchase it. Otherwise, your policy may not help you. For example, many policies become null and void outside of specific navigational limits. It can be very easy to exceed those limits on the open water where boundaries can be difficult to determine.

Insurance for all types of personal watercraft is available, including anything from a fishing boat to a yacht or houseboat and all sizes and types in between. You can even find insurance coverage when renting a watercraft, such as for a fishing trip or for a charter boat trip. All it takes to find the right coverage is some research and perseverance.

A basic definition of marine coverage is protection of a ship, cargo or property due to loss or damage while a ship is in transit from one port to another. There are other sub sets of marine insurance, such as marine cargo insurance, marine business insurance and personal watercraft insurance that provide additional coverage. This insurance is a personal watercraft insurance specifically designed to fill the coverage need of non-commercial watercraft. In simple terms, personal watercraft insurance is the equivalent of an automobile insurance but for boats. This policy provides personal indemnity as well as watercraft liability coverage.