The sensor is attached to the engine block for a "ground" connection. At about 195F (engine overheating) it closes, connecting ground to the "tan" wire leading from it. This wire joins the light blue, white stripe wires from the oil level sensor in the onboard oil tank. This information is sent to the wiring harness via the 8 pin connection inside the engine cowl. following the wire to the control box, somewhere along the way it connects to the low (ground) side of the buzzer/alarm. Switched 12v available during On or Start positions of the key switch is supplied on the purple or red with a purple stripe wire from the control box to the hot side of the alarm buzzer.
That's it. The buzzer may be part of the boat wiring harness installation (up near the control) or may be inside the remote control box itself. On the alarm device itserlf being a problem, I seriously doubt it. I would expect that failure would be loss of function, not continuous operation.
The tan wire from the sensor goes into a wye connection at that connector and is a plug/socket interface....meaning you can pull the tan wire out of the socket and makes it easy.....if it still blows, chafed wire. Chafing could be internal to the harness at a critical bend, a mouse/rat chewed off the insulation, or external whereby the protective harness covering was rubbed off and then the chafing continued to remove insulation from the alarm ground.