Plym, for properly operating oil system -
reservoir under cowl (inboard tank) is main engine oil reservoir, gravity feeds into oil pump below it. This reservoir is replenished from outboard tank in boat. Outboard tank has electric pump to make the transfer into the top of inboard tank.
When outboard tank runs too low, transfer pump cuts out auto. As the oil gets lower in inboard tank since no longer replenished, alarm sounds. Then one can actuate the toggle switch that forces transfer pump on to gain reserve supply in outboard tank. They do this to force an action by the operator who may have done the equivalent of running out of gas by not observing gauges.
This is not a good idea to operate oil system this way, because it counts on alarm to work to avoid a $6K - $7K repair bill.
Before this state occurs, if one oberves, the multifinction instruments will be indicating the oil level dropping to a problem state.
If inboard tank ever runs dry, end of engine power head life story.