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You need to conduct further diagnostics. A steady alarm usually means overheat. However, Seahorse, an OMC/BRP expert, wrote this on alarms: "On 1995 and earlier alarm systems, the oil tank level sender has a computer chip in it to signal a beep every 20-40 seconds. Sometimes when it goes bad, you will hear a steady horn sound, or sometimes a "warbeling" or muted buzz. Disconnect the oil tank wiring at the motor and see if the sound disappears. If so, you can either replace the sending and pickup unit, or leave it disconnected and watch the oil level often. You could also have a shorted to ground tan wire anywhere from the horn connection, thru the boat wiring, or on the engine harness."