Abstract: A self-storing flag assembly is described for mounting to the deck or similar area on a boat. the assembly will facilitate extension of a telescoping flag standard from a below deck stowed position to an upright extended operative position, displaying a flag body for the purpose of signalling adjacent water craft. The flag assembly is also retractable to a shortened inoperative position below the deck. The standard may be manually extended and contracted, or be connected to a power drive and switch operated to extend and contract. The standard is formed of interfitting telescoping sections that are loosely received within an axial tubular connector member releasably mounted at the top end of the standard. Provisions are made for securely mounting the leading edge of hte flag body to the connector.