Are ya sure it is an overheat alarm.
A neighbor has had similar problem 2 times in the last year and called me to rescue him. It turned out to be low oil alarm. The merc has 2 oil tanks and the one in the motor ran out of oil. They just checked the external tank.
The alarm on it was a continuous beep also.
If it is overheat it won't let the RPMs go above around 1200.
Worth a check anywho's.
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