EPIRBs, officially known as Emergency Position Indicating Radiobeacons, are emergency beacons used in maritime distress. They are designed to save your life if you get into trouble by alerting rescue authorities and indicating your location anywhere in the world. EPIRBs are classified into two categories: Category I or Category II.
Category II EPIRBS are similar to Category I EPIRBs, except in most cases they are manually activated, however some models can be automatically activated.
Further reading about EPIRBS and Personal Locator Beacons (PLBs):
How to Register an EPIRB or PLB
Marine Electronics Review - SPOT Personal Locator Beacon
Marine Electronics Review - ACR Electronics AquaFix 406 I/O Personal Locator Beacon
Marine Electronics Review - ACR Electronics ResQFix 406 GPS Personal Locator Beacon
Marine Electronics Review - ACR Electronics GlobalFix iPRO EPIRB

