We have liftoff.
I kind of lied a bit when I said this was easy. The previous part was easy but you now have the hard part of crawling through your hidden nooks and crannies looking for where the break or just wrong connection is located. If it's any consolation, tracing wiring faults are (for me) the worst pile of
you can get into depending on where it leads you.
The above is a wiring schematic which I pulled from another drawing I had and rearranged. It's the oil pressure alarm circuit in a Hunter. I know you've given me a lot of information so far, but I'm too lazy to go back to look for it so you can answer these questions for yourself from what you've previously reported.
1. Starting at the LH side, if the OIL PRESSURE SWITCH doesn't see oil pressure, it stays closed and the alarm sounds continuously. With oil pressure, the diaphragm pushes down and the contacts are broken and no alarm.
2. You've said you have 0V to ground at the disconnected wire at pt. 4. Something is wrong between pts. 1 - 5.
3. Go to pt. 1 and disconnect the wire. With the switch on, you should see 12V to ground at the ign. switch terminal. If not, let me know because things are really getting bad over there.
4. Reconnect all wiring and go to pt. 2. Disconnect the wire and make sure the wire is 12V to ground. If not, start digging for the fault between pts. 1 - 2.
5. If you find power at pt. 3, you audible is dead but still able to conduct a voltage. It's rare that one ever gets this lucky.
6. Follow the same procedure up to pt. 5 ensuring you get 12V at each pt. or go back and find why not.
At this point, you will have solved your problem, or your boat will be up for sale to the first person who comes down the dock with $5.00 in his pocket. Been there many times.
Let us know what you find.