There was enough oil in the oil reserve tank, about 1/2 full, and the boat ran fine the time before on White Bear Lake. But this time on the lake, the alarm went off soon after I started boating, and I immediately shut the engine down. There are three alarms - engine overheating, low oil, and oil pump malfunctioning, each with a different alarm. The alarm, I did not know it then, was for low oil. Alarm should have been for oil pump malfunctioning.
The previous owner took it in each fall for an engine inspection. They should have spotted the hard, brittle oil line.