My guess is that the float case leaked and there was no fuse on the switch line. I'm curious: why was it a "...good thing" you were running an outboard?
ONE BIG REASON, no lingering fuel vapors that could have been ignited. Not shouting but emphasizing the issue. Any electrical component in the engine compartment of a gas or diesel engine should be intrinsically safe. Another to not be complacent about is even if you have outboards is if there is propane on board any leak will find it's way into the bilge and wait there for a spark.