Hi Bugman,
Bad luck mate-I too know that sinking feeling. Lost mine up in Hinchinbrook channel towing behind a houseboat. The v-nose towed fine but the punt was snaking through a bit of a squall. Still not sure what happened exactly but heard the tow rope snap and looked around to see her on her lid.(Maybe inexperience-too short or too long a tow-don't know) Swung around and just grabbed hold of the rope to tie it off to the houseboat in time(no flotation). Ended up getting two ropes tied off and gear floating off everywhere. Not a nice feeling in your gut hey. Got worse though. One of the girls started to drive the houseboat off the anchor to recover her and went to far forward on the anchor-instead of drifting back she put it in reverse and we picked up one of the tow ropes with the left inboard. Really didn't want to go swimming there but had to get under and cut it off (spooky). Alls well that ends well and nobody got hurt. Insurance came to the partyand looked after us really well. Stephen T took the boat and put a new 30 on it. Reckons it flys now. Hope they look after you.
Cheers Luke