Pete wants more liability protection than his auto, boat, and homeowners policies provide. He purchases a Personal Umbrella policy with an SIR of $1,000 which requires that underlying policies have minimum limits of liability of $500,000 CSL. He increases his limits to the required amount on his auto and homeowners, but carries only $300,000 liability limits on his boat policy. What must Pete pay in the event of a watercraft liability loss of $1,000,000?