Pleasure Craft Insurance is designed to cover marine vessels used for private purposes. These include yachts, cruisers, wave riders, jet skis, dingys and sail craft. It does not cover vessels that are used for business purposes. (They must be insured under a Marine Hull policy).
You can think of Please Craft insurance as being much the same as private motor vehicle insurance. The vessel must be listed on the policy with a specific sum insured. Extras such as the trailer, rigging, radios, contents, sonar systems, fishing gear, canopies etc all must be listed with a specific sum insured too – otherwise they will not be insured.