RedactedNarrative: V1 OPERATOR FAILED TO NOTIFY ANY AGENCY REGARDING THIS ACCIDENT.  HE FINALLY CALLED WHEN HIS INSURANCE COMPANY REQUESTED A COPY OF AN ACCIDENT REPORT OVER A MONTH LATER.  ACCORDING TO THE OPERATOR THEY WERE LEAVING SHOAL BAY AND WERE RUNNING "WIDE OPEN" WHEN THEY STRUCK A PARTIALLY SUBMERGED RED NAVIGATIONAL BUOY. 
  
  V1 IMMEDIATELY BEGAN TO TAKE ON WATER.  THE OPERATOR CALLED A FRIEND TO TOW HIM BACK TO THE RAMP.  FROM PHOTOS OBTAINED OF V1 SHOWS V1 SUSTAINED A LARGE GASH BEGINNING AT THE END OF THE KEEL GUARD ON THE HULL EXTENDING DOWN THE ENTIRE LENGTH OF V1 ON THE STARBOARD SIDE.