Even the prop contains :
HULL & MACHINERY
This section should include the hull, engines, machinery, equipment, spars, sails and rigging such as would normally be sold with the vessel if she changed hands. If the value to be insured is greater than the price paid, a valuation report will be required to justify the difference. Note some policies may be subject to an ‘Average’ clause and it is essential your vessel is not under insured.
So suggesting cover is not agreed value ?