I have not heard of this. It’s not stipulated in any policy I’ve ever had, and boats under sail don’t close them..../QUOTE]
Most policies have a contingent damamge exclusion; they cover the incident itself, but not damamge due to wear items and not damamge that happened due to, for example flooding, after the event.
In the case of leaving a seacock open, the flooding was probably caused by failure of the hose, which unless it was knocked off during a roll-over or collision, is the result of neglect and is an excludes wear item that is not covered. The flooding of the boat happened as a result of the hose failing. The result can be no coverage, since there was no accident.
Some equivalents. Your house has water damamge because the roof was old. Neglect, poor maintenance, no coverage. If a tree landed on the roof, that is an incident. Your car gets a flat. You continue driving it to an exit ramp or to the shop, the tire shreds, the rim is dented, and body work is damaged. The flat tire is a non-covered road hazard, and the rest happened because you didn't call for a tow. No coverage.
It depends on the policy, but if your boat sinks due to a failed hose or bad clip, there may be no coverage. So close the through hulls. I always have. If you are afraid you will forget to open it, hang the key on the valve. You can also add (many engines have this) a no-flow interlock with a short time delay.