RedactedNarrative: Vessel #1 was traveling southbound on the intracoastal waterway (icw). Vessel #1 approached a marked shoal area in a narrow section of the icw. The front starboard side of vessel #1 struck an icw channel marker (#52). After impact with the channel marker, vessel #1 made a sharp left turn and came to final rest on the rocks along the eastern shoreline. The operator of vessel #1 stated that just prior to impact with the channel marker the bow (front) navigation light on vessel #1 caught fire and started smoking. This electrical fire apparently diverted from the operator's attention and possibly hindered visibility. Vessel #1 sustained extensive fiberglass damage. There were no injuries as result of the boating accident.