It sounds about right to me. It should be about 5 US quarts (4.73 liters) total including the filter.
Keep in mind that the oil levels may vary a bit depending on the type and size filter being used, oil pan volume inaccuracies, gasket materials, etc.
Is this a stock motor? Has the oil pan or the dipstick tube been removed/replaced for any reason? Has the dipstick itself been replaced? The reassembly of any of these may have changed the dipstick position slightly.
My Indmar owners manual does not specifically state how much oil the engine needs to fill it up. Maybe newer manuals do.
I do know that the 1988 PCM manual for SBF and SBC engines specifically state 4 quarts (3.79 liters) in the crankcase, run the engine and then top off to the FULL mark. This would be very close to 5 US quarts (4.73 liters) total.
I don't think that Indmar would have put a different oil pan on their engines compared to their PCM counterparts but I'm certainly not an expert in that regard.