What was the wood used for? By no stretch of the imagination are all boats built from teak. Most parts of a boat that are made from teak are not structural, but trim exposed to weather. The reason teak is often preferred is that it has natural oils that make varnishing it unnedessary to protect it from the elements. Teak starts out a reddish brown, but like cedar will weather to a dull, often dirty appearing gray. One can varnish teak to preserve the original color, but all varnishes in the marine environment are short-lived and need renewal. Lots of boats use mahogany for trim instead of teak because it costs less (usually) and the color is more appealing when it is varnished.
White oak is the wood of choice in wooden boats for almost anything stuctural with several exceptions. Wooden canoes use cedar because of its strength to weight ratio. Some dinghys use white pine in lots of areas. It goes on and on, just as in cabinet making.
You can tell if the wood is oak or teak or mahogany by sanding it. Teak and mahogany will both come back to their original color quite readily. Teak can be hard to sand, mahogany is fairly easy. White oak tends to stay light when weathered, but the rays turn black and give the wood a mottled appearance. Of course if you really want to know what you are dealing with you could always cut a piece open and that will give it away.
As for the finish - never, ever, never, never, never use polyurethane on a boat. It will not stand up any better than a good marine spar varnish and when it comes time to take it off (which is inevitable on boats) it is an absolute bear to remove. Your main culprit is UV and not water. Seems to me that I used Captains Varnish awhile back and somewhere in the distant fog of memory it received middle-of-the-road ratings by someone testing marine varnishes. Stay away from Lowe's / Home Despot varnishes. Go online or find a chandlery near you ...