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There is very little that can happen to a boat in the open water that is more distressful than a fire onboard. This is a prospect I hope and pray no member will ever have to face. But, if it does happen, being well prepared is a key to survival. First make sure you have a Coast Guard approved FULLY CHARGED fire extinguisher(s) for your type and size of boat.
If a fire breaks out while you are underway, stop the boat immediately. Rushing air is fuel to a fire.
If you have a radio, call for help.
Turn off electrical power.
Quickly assess the danger of the fire spreading or a danger of explosion. If you feel either is possible place your passengers in PFD's. Keep everyone together and instruct them to swim clear of the boat.
If you feel there is time consider placing the fire downwind of the rest of the boat to slow the spread of the flames.
If the fire is of material other than gas or oil such as wood or fabric, bail water on the fire.
If the fire stems from loose material, the simplest course of action may be to toss the Item(s) overboard.
If the fire stems from gas, oil or grease us your fire extinguisher. Because fire draws air in from the bottom to fuel itself aim the nozzle of the extinguisher at the base of the fire. Be aware that this type of fire has a tendency to re-flash so keep an eye on it and be ready to act.