I have to admit that I don't have all the offshore 'survive at sea' stuff but it does contain a waterproof inner bag that has all our cash, our wallets, passports, handheld VHS, flares, rockets, Flashlight, a bit off food and water.
With the satellite EPIRB and being mostly coastal cruisers we're not prepared for a week at sea but we are prepared to work out immigration and a good room with warm food for a couple of weeks. I'd add a second bag with the offshore survival stuff if we were going 500 miles off shore.
I've had trouble a couple of times with crew not wanting to give me their passports and money when we're on passage but they don't need them, as captain I do. (don't want them digging into their bag for a passport when I've got a young guy with an automatic weapon waiting.) The new rule is, if they don't give me their passport and money before we leave, they don't get on the boat. I give it back when we get to where we're going.