RedactedNarrative: Operator stated they had been cruising around the lake when they smelled gas coming from the engine area.  The operator stopped V1 and turned off the engine.  He inspected the engine and could not find any leaks.  He then went to start the engine again and flames burst from the engine compartment.  They attempted to extinguish the fire with multiple extinguishers but were unsuccessful.  All occupants abandoned V1 and were picked up by another vessel in the area.
   
  Although hard to determine after the fact, but it is believed there was a hairline crack either in the fuel hose or loose connection point at the fuel tank.