According to an old saw, when a boat is sinking, there's nothing more effective than a frightened person with a bucket. That may be true, however, the problem is that even scared people get tired. Despite the great amount that can be accomplished in short order with a bucket brigade, you might do well to know how to deal with a leaking boat, or worse yet, how to abandon ship if it comes to that.
I had never really thought about it, but once I had the leak in my boat contained, the water rose to a point where it was level with the water outside the hull and then it stopped coming in. I guess I was expecting the forepeak to fill all the way to the deck head, but it didn't and the amount taken on was quite manageable. Once the water level equalized itself with the water outside I shut the pump off. There was no point in burning out the motor to remove water that would only have been replaced in a few seconds. I was able to sail into St. Georges Harbor under my own steam, a bit bow down, but that was the least of my worries. Fortunately I was near land. Had I been holed well offshore my options would have been limited, but there are some things you can do to slow or stop the flow of water. If the hole is large there is very little a pump will do other than to buy you some time. You need to slow the leak down to a point where the water coming in is less than the water being pumped out. If you are planning an offshore passage I would suggest taking an emergency "diaper" to help shore up a hole. It's an effective stopgap measure. The "diaper" is a piece of heavy Dacron, or similar rugged fabric, that is attached by strong lines and has some kind of rubber seal sewn or glued along the edges. In the event you get holed the Dacron patch can be draped over the bow, lines run both port and starboard, and walked aft until the "diaper" is over the hole. Once it is in place the lines can be snugged up tight forcing the rubber seals against the hull and reducing, if not stopping, the water from pouring in. Water pressure from the ocean will also help seal the diaper against the hull. This can be a surprisingly effective way of slowing down a leak and at the very least you might be able to reduce the water intake to a point where the pumps can manage. When I hit the reef on my boat, before I realized that the water would only rise to the level outside, I took my storm jib and used it as an emergency patch. I tied a halyard to the head of the sail and lines to both the tack and clew. I then threw it over the bow, walked it aft until it was over the leak, and then attached the two lines to my stanchions. I then tightened up on the halyard to snug the patch against the hull. It was fairly effective except for the hanks, which allowed water to get under the patch.
It really depends on the size of your boat, but most offshore boats should have three kinds of bilge pump systems for dealing with an emergency. Your basic electric immersion pump system should be installed throughout the boat and will be your first line of defense. That system must be backed up by manual pumps that can pump the boat in the event your batteries get swamped or the electrical system fails. On my boat I have a number of 10-gallon-per-minute pumps throughout the boat, and one 25-gallon-per-minute pump located in the cockpit with a long hose. The hose can reach throughout the boat and the large hand pump can deal with water in any area of the boat. And be sure that all your hoses have strainers over the open ends to stop bits of debris from clogging up the pump or breaking the suction. I also have (actually did have until I removed the engine from my boat) an engine driven pump that used the water intake from the engine to pump water out of the boat. It was very effective and could remove a surprising amount of water in a very short time. I installed a Y-valve right at the water intake for the engine, and could divert the intake to an emergency hose that could be led through the boat to reach any area that was filling up with water. The engine-driven pump, the large manual pump, the smaller manual pumps and the electric pumps together could pump a lot of water and back each other up in the event one system got damaged.
When it all goes wrong, know that very few people are actually lost at sea. Modern yachts are well built with great equipment, and the emergency rescue procedures are well thought out and the personnel trained and very competent. Much of your safety is up to you and your crew and your ability to sort out the situation in a calm and prepared manner. Panic always confuses the situation. If you are prepared for the worst and have your procedures thought out and written down, and your safety gear has been checked thoroughly and stowed appropriately, you should be able to deal effectively with most any emergency.
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Suggested Reading:
A Nearly Doomed Delivery by John Kretschmer
Bilge Pumps: The First and Last Line of Defense by Tom Wood
Safety Precautions Underway by Liza Copeland