Unlike the burning hulk in Rockport Harbor I posted which stayed afloat to give evidence of an electrical fire, this W46 is on the bottom. The circumstantial evidence of recent work is disturbing. It makes me wonder if yards doing work on boats like this document the finished product, especially if electrical?
My boat had a wiring fire down that way several years ago. We were lucky and caught it. Electrical fires can start very quickly, an instant spot of arcing that's as strong as a blow torch. If that happens on a flammable surface, instant fire.
I took this piece of bulkhead out of my boat some years ago. It's a spot where bygone electrical switches and connections had been mounted. Sometime n the decades before I owned the boat, there was obviously, a flash electrical fire.
I don't know the details but it looks like the owners at that time caught it right off, or were lucky.