The game will feature insurance policies for your ships, allowing you to reclaim a lost or destroyed ship assuming that ship is insured. Insurance is time-limited, meaning you pay in UEC for an insurance for a certain amount of time.
Insurance premiums will of course depend on your ship and its equipment, but there will also be a certain risk factor associated with any part of the PU, affecting your insurance cost. If we assume numeric levels of risk where 1 is the least risky, risk level 3 insurance will cover incidents happening in a risk level 3 zone or below. Some zones will also be uninsurable.
If your ship is lost or destroyed while not covered by insurance, either because the insurance has expired and has not been renewed, or because the ship was located outside its coverage zone, the ship will be permanently lost. Make sure your insurance is in order, save from when you have a ship to spare!
You may start to think cooperating with a friend to commit insurance fraud will be a lucrative way of farming by letting the other person steal your ship. However, this will – as in real life – mark you and your friend as criminals if exposed. Also, your stolen ship will have a tracker device that will be possible but presumably expensive to remove, so all in all there is no guarantee that this will be profitable at all, again just like in real life.