Hi Mike,
Sorry to hear about your mishap on the maiden trip...
I have another 'silly question':
- is the motor fitted with suppression caps?
If not, the motor noise may interfere with the reception when you get further away from the transmitter.
The back of the motor should look something like this:

Schematic

If you run the boat again, stay close to the bank so you'll be able to retrieve the boat and check if anything is overheating, such as the motor, ESC, stuffing tube.
The reason I mention the stuffing tube is the fact that if you've packed it with (too) stiff grease, the drag is huge; enough to make the ampdraw surge beyond the capacity of the ESC, which will shut down thermally.
Regards, Jan.