RedactedNarrative: V#1 was travelling north in the south basin near cat tail cove. The operator of v#1 stated that he came off of plane and the boat began to take on water very quickly. Operator of v#1 stated the boat sank a short time later and all occupants of the watercraft were accounted for and ok. Driver of v#1 stated that he did not report the accident the same day besause he did not know he had to, he just contacted vessel assist and his insurance company. Vessel assist recovered the watercraft and placed it on its trailer. Upon further investigation it was found that the exhaust coupling on the outdrive separated from the transom. This factor caused the boat to take on water very quickly and sink.