Bounty - and it's a big ship too (7)
I believe the answer is:
largess
'bounty' is the definition.
(I've seen this before)
'it's a big ship too' is the wordplay.
'it's a big' becomes 'large' (I've seen this before).
'ship' becomes 'SS' (prefix in ship names eg SS Great Britain).
'too' says to put letters next to each other.
'large'+'ss'='LARGESS'
'and' acts as a link.
(Other definitions for largess that I've seen before include "Generosity" , "Bounty" .)