RedactedNarrative: Vessel #I was cruising at an estimated speed 30 MPH, occupants heard a bang and the engine stopped running. The occupants also smelled burning rubber. Upon inspection inside the engine compartment they observed the vessel taking on water. The vessel had no electric and the bilge pump would not run. The occupants donned PFD's and called the Coast Guard on VHF Marine Band Channel 16. All occupants were removed from the water by the Coast Guard as the vessel sank completely. The vessel was salvaged by commercial tow company.