icom does a good one and so does cobra if it were my money though it would have to be the icom ic-m33 because it floats and that is important on a dhingy even if you tie it on with a piece of string. it also has many of the functions of a fixed radio.
the cobra MRHH 125 EU is a deacent budget radio if you are looking for cheapo but cant really say much more about it.
Definitely make sure it floats. I have a standard horizon unit that floats and seems to work well. I've never fully submerged it though. Another consideration is the antenna. The model I have is very flexible, so it will easily bend to fit in an inspection port or other small storage area found on sailboats, boats, and some jetskis.
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