this happen to my father and myself about 4yrs ago. we where on newfound one of the scariest thing that happen to me. I took to dover marine and they said it was happening on that model mine is a 04 30hp. it was the ignitor wires rub the coating off. luckly it was still under warrent. they did a great job. my brother has a 40hp same and he had his fix before it happen to him. the wires are to short.

Was your motor a Mercury 4 stroke (like mine) ??

yes! if you have any questions you can call me 603 235-0182. my name is Billy

Talked with Mercury Marine service department hoping they might stand behind my Mercury outboard electrical problem and replace voltage regulator and wiring harness at "no cost", even thou my outboard warranty expired.
Answer is No it's off warranty !!
That's fine but I will NEVER BUY another Mercury Outboard AGAIN ! My feeling is a Good Company would stand behind this serious electrical problem regardless of warranty or not ...

I'm shocked there pretty good about stuff like that. Try calling again and talk to a supervisor and see what they have to say.

Billy - call Mercury twice this morning but they don't want to admit that they have an electrical problem with their outboards, as two dealer's have admitted to me... don't buy Mercury unless you want electrical problems down the road, they have have thousands of melt downs...