My guess is sometime in the past the end of the cord was dropped in the water.
Sea water, fresh water , doesn't matter much the guts will corrode.
Take off the plug on the boat end first and take a look.
If the cord is long a 2-4 ft trim usually gets back to clean wire.
This is a common problem and the best reason to spend a few bucks more when purchasing a cord that can have the terminal ends removed with out damage..
WE use Hubbell .
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