RedactedNarrative: A vessel from the Freedom Boat Club out of Choto Marina was cruising on Ft. Loudoun and Tellico Lakes in Loudon County, TN.  The boat was headed upstream on Tellico Lake when the vessel made a squealling noise, the operator stopped the vessel and there was a smell of something burning.  The engine box was opened up and there was smoke which eventually became flames.  911 was contacted and the fire extinguisher was used but the fire wasn''t extinguished, all occupants jumped into the water.  They were retrieved and transported to Ft. Loudon Marina while Loudon County EMA were able to extinguish the fire but not save the vessel.  I responded and towed the vessel to Lenoir City Park where a representative from the Freedom Boat Club took possession.  There were no injuries but there was some personal property that was lost.