RedactedNarrative: V1 was traveling slowly through shallow water near the Morrison Bluff bridge when it struck an underwater object.  The collision caused V1 to nose down into the water.  The operator then attempted to accelerate to get V1 off of the obstruction.  This caused V1 to tip violently to the starboard.  According to witness statements, fuel then dripped onto a portable generator that was being used to power lights for bowfishing activities.  The fuel ignited and began burning V1.  All occupants were able to safely exit V1 due to the shallowness of the water and able to walk to a nearby island and call for assistance.  V1 was located the following day and members of the Logan County Dive Team were able to pull it upright and float the vessel to the boat ramp.