RedactedNarrative: V1 was inbound from 10 miles out in the Gulf of Mexico when it began to take on water. The Captain kept heading to shore as the vessel continued to take on water. Operator did not know why the vessel was sinking, but he believed that if he kept going that the water would run out of the stern of the vessel. Eventually the engine went underwater and stalled then the vessel continued to take on water and capsized. The capsizing occurred about 4 miles offshore of Clearwater Pass. Operator was able to get an emergency call out on a cellular phone to alert authorities. There were no injuries sustained during the capsizing to any of the six people aboard. Operator does not have insurance on the vessel which he had TowBoat US remove. Later Operator advised the the TowBoat US operator found that the inspection plate for the motor bracket had come off and this is the area where the water came in eventually sinking the vessel. Prior to towing the vessel the TowBoat US operator had replaced this cover so that the vessel could be towed and the water removed.