Its really up to you, the $10K is just the upper limit. Sometimes they will not insure it for more that what a certified surveyor will value it at. One thing for insurance is that you might consider a rider that gives you full value for parts. Like if you get demasted, unless you have that rider you will only get the depreciated value of the mast. With this rider you would get the full value. Sounds llike you got a good deal.
S/V Geisha, Islander Freeport 38
Geisha Sailing Adventures, LLC