A boat running light and emergency light apparatus and method comprising a plurality of radially projecting lights, at least one axially upward projecting light and at least one photometer, wherein the at least one photometer senses the amount of illumination from the plurality of radially projecting lights. Upon a reduction or cessation of illumination caused by failure of one or more of the plurality of radially projecting lights, the plurality of radially projecting lights are turned off and the axially upward projecting lights are illuminated to notify boaters of a faulty light while still providing redundant lighting. Additionally, the boat light is capable of flashing SOS in Morse code during an emergency situation. The lights are preferably high intensity directional light emitting diodes.