You may have a blockage of some kind (i.e., grass, etc), your impeller has crapped out or it's an oil pumping issue (does that engine have a VRO?). Other than those three items, I can't think of anything else that could be the prob. When I get in grassy lakes, I start up my engine and throw her in reverse initially to clear the prop and the intake. If it starts up after it cools down and the alarm doesn't sound off right away, then you may be suffering from these issues.