Hello,
Just to clarify things here.... All of the posts pertaining to replacement cost were correct. That price is probably based on "Replacement cost", Removal of derpreciation (for 2 years), and gear and equipment(with a limit attached). If it is not, I suggest calling another company that specializes in Marine insurance.
As a footnote, I have my own insurance agency and I do this type of thing all the time. Oh yeah.... As was mentioned... READ THE FINE PRINT!!!