So, I have a Yanmar with a Balmar alternator and external regulator. The regulator is a Xantrex XAR that replaced a Balmar about fifteen years ago when it failed. (Rather I thought it failed; it turned out to be a bad connection that was intermittent.) Anyhow, what happened is I went down below while on a cruise I just returned from to find the Link 2000 indicating 17 volts . I pulled the plug on the harness connection hoping I didn't fry my four AGM's (I didn't). I replugged it after a while and things seemed normal, but then ramped up to 14.4 volts at which time I pulled the plug again. When I was at my destination, (fixing boats in beautiful places, etc.) I checked all the connections carefully and all seemed sound. I checked the voltage at the harness per the manual with the engine off and on. Again, normal. I reset all the charge parameters. On the return, I checked it again with the same ramping up over the allowable limit. Since this unit is the same as the Balmar ARS-5 (of course updated), I ordered a replacement. I guess we'll see how that works out....
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