Fluid-flow around mechanical structures can sometimes lead to catastrophic failures. Improved modelling of fluid/structure interaction is required for safety and mechanical considerations. In this contribution, concepts for modelling the interaction of structures and fluids are presented. Starting from excitation mechanisms and associated classifications, various model depth approaches are compared. Among them, the use of added coefficients for quasisteady problems is discussed. On the basis of potential flow theory, different approaches for determining fluid-induced additional mass are established and illustrated using an analytical example. Given the limitations of simplifying the engineering models, the second part of the paper provides a brief overview on computational methods for fluid-structure interaction and presents a monolithic modelling approach using space-time finite elements for discretisation of both fluid and structure. Applications from aero-and hydroelasticity show the applicability of computational methods for problems involving flow-induced added mass, damping, and stiffness.