rusty i do see a little sarcasm but not much.
he is right thou, any ins policy will wind up costing you lots of money. the older the boat the more it will cost, due to wear and tear. the ins is gambling that any repairs will cost less than what you pay for the policy, and they will limit what is covered. most likely any thing they can say you could have prevented means they wont want to pay. for example you go sailing on a day with a small craft advisory and your sails rip, they will say you should have not been sailing, there was a warning then they will refuse to pay.
what ever you do make sure you read the fine print, and very carefully read it.
here is one example of how they get you, Hyundai ( sp ) claims to have a 100k mile engine warranty. once you pass 36 k miles its prorated, if the engine dies at 99 k miles they will pay like 100 bucks. then you have to go to the dealer to have the work done and you will pay 20 to 40 % more.