[Rhodes22-list] Boat Insurance Question

[mputnam1 at aol.com]

Ok, Elton has delivered our recycled 1990 R-22 ... we're all excited in the Putnam household, especially our four year old.  But here's the question du jour ...
 
We still need to get insurance coverage, but since this is our first boat purchase, I'm a little unsure what the usual coverages should be on a boat ...
 
I've gotten two quotes:
 
One from my insurance broker that insured our house ... it's a Chubb policy that would cover the full purchase price of the boat plus the engine.  It would have $500,000 in liability coverage, a $500 deductible, and an annual premium of $520.
 
I also got a quote from BoatUS ... it would only cover $14,000 on the boat and engine (well below the purchase price), it has $300,000 in liability coverage, $10,000 in medical coverage, $500,000 in fuel spill coverage (this doesn't seem necessary on a sailboat with an 8hp outboard), the deductible would be $220, and the annual premium would be $167.
 
Again, this is a 1990 R-22 ... I lean toward the Chubb policy because it would fully cover what it would cost me to replace the boat if I ever had to ... but maybe some of you will say I wouldn't need to buy a new boat and that $14,000 is more than enough to fix any problem I would have.
 
Don't worry, I won't hold anyone liable for the advice you give me!
 
Thanks in advance.  As always, I greatly appreciate your advice,
 
- Mark Putnam