I just recently found the same problem on my boat. I undid the plug & found water in it. My charging system was still working fine but the burnt wire were getting hot when the motor was running.
I "bench tested everything & found poor conductivity in the wires, but everything else bench tested - OK. I merely took apart the connector, took each pin off, cut back the wire a few inches & re-installed the pins and put the connector back together. Once I cut off the connector the the burnt wire - I could tell the wire was corroded and causing resistance instead of a smooth delivery of current.
Now that everything is back together - took boat out for a test run & charging system is working good & wires are no longer heating up when engine is running.