Dave is likely correct. Continuous tone is a temp alarm, continuously beeping is no oil flow, (3 beeps is low oil level in the tank, 4 beeps is water in the high pressure fuel tank, etcetera.)
And like Dave, I would suspect a temporary obstruction of the water intakes.
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Common Sense is learning from your mistakes. Wisdom is learning from the other guy's mistakes.
Fr. Frank says:
Jesus liked fishing, too. He even walked on water to get to the boat!
Currently without a SeaCraft 
(2) Pompano 12' fishing kayaks
'73 Cobia 18' prototype "Casting Skiff", 70hp Mercury
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