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2001 Mercury Optimax DFI 200hp Compression belt broke off on the water.

First time boat owner. Have been out already for a few hours. Boat ran fine. Stopped and fished a spot. Went to turn on the motor to fish a different spot, the motor would turn on, sputter for a bit then dies. Got back home noticed the compressor belt broke. Has anyone had any experience with the belt breaking and what damage it could cause? Also, average cost of getting it fix by a marine shop? Thanks.
 
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