Jeff......that’s why there are ? Marks in my comment. I’ve read this in a few different places. Not just here.

If they don't have insurance, they usually just leave it on the bottom. If they do have insurance, the insurance will tell you to call for a recovery of it and they will reimburse you. I sunk one years ago and that's what they had me do. I ended up getting a couple of tractor inner tubes tied to it then inflated them and floated it to the surface, towed to shore and then flipped it back over. Mine sunk from a drain plug that came out after several hours of fishing. Once the water came up thru the floor that was about it. It rolled and went under in just a few seconds.

Anyone know what part of the lake where it happened?

Yep, 5 years ago on Rayburn, some friends were late to the closing ceremony because they stopped and helped some guys who had hit a stump, ripped the back end out of the boat and was going down, so they stopped and helped the guys on the sinking boat. One of their names had been drawn for the cash but he lost out for not being present. He was kinda sick about losing the money but couldn’t have lived with himself for not stopping and helping!

Someone said it was just out from Lake Fork Marina.

I have not looked over the rules for Sealy's tournaments for years now. But I believe your boat has to be insured, to fish any of his tournaments or you are disqualified. As I said before Sealy makes his own rules over what the written rules are. Not right.
Also there is a point about his name really being drawn.

I don't think Sealy's has any insurance rule that I remember but it's been several years since I entered one. Sealy does change things on the fly as he wishes just like the people measuring the fish will change how they measure them when they feel like it. It isn't the best run BB tournament it just gives out too much money for people to stop.

The rules say you need insurance the normal 300k liability is my memory, that said nobody check for it etc.

I just read the rules and did not see anything about insurance

I doubt there's an insurance rule. That'd rule out about half the guys that enter on Rayburn haha. Most if them are fishing out of 1980 kingfishers

I agree. I don't know why people post stuff as fact when they have no clue.

There is no rule stating that you need insurance in Sealy's tournaments.

Im pretty sure I read the 300k some place.. but maybe not. It doesnt matter in relation to a sunk boat anyways.

Fished sealys years ago Got called on stage for draw boat me and 2 guys left up here. Drew a name and told the guy he was history he told the wrong guy Got the names mixed up put his name back in My name was never drawn out and other guy that should have been gone won the boat. Talked to sealy after it was over he got smart then i got smart on his azz Never fished another one Even had some guides tell me when it was over that he screwed me outa the boat.

I have a theory. Lol