It tends not to be a huge problem on GRP yachts, but the process is well known in the sailing world, and, even affects wooden boats.
From practical sailor magazine ..................
The effects of overprotection on a fiberglass boat are usually not nearly as harmful as underprotection, but it is important to recognize the signs. On steel or wood hulls, over-protection can cause expensive damage if not caught in time. In any case, it is important to recognize the signs.
Burnback. It is a common sight to see a discolored ring 8-12 inches in diameter around a bronze seacock. Typically there will be increased growth, the result of paint that is no longer functioning. In every case we found, there were several things in common: the fittings were bonded, the paint was high-copper, and there were additional zincs, beyond the single shaft collar.
Based on a little testing, conversations with paint companies, and a little knowledge of chemistry, the cause is obvious; the same electron flow that is preventing copper and tin from leaving your bronze impellor has prevented copper ions from leaving the paint and repelling marine growth. There are various solutions that can be used alone or in combination with eachother: prime (several coats) all underwater metals before painting; reduce the number of anodes to achieve the desired voltage potential; switch to a less reactive anode material; switch to a copper-free paint; or switch to Marelon through hulls (reducing the amount of anodes required).
Paint delamination. This is most often seen on aluminum boats fitted with magnesium anodes, but it is sometimes seen on steel hulls with zinc anodes. If the driving potential is too great, gas is generated under the paint, and the paint is lifted off. For an aluminum boat, the answer is aluminum anodes alloyed for seawater plus proper painting procedures. For steel hulls it comes down to good hull preparation and priming, and careful regulation of the potential. We have seen recommendations between 0.75 and 0.9 volts (relative to a silver chloride reference electrode), and the U.S. Navy uses 0.85 volts as their design requirement for cathodic protection systems. Regular monitoring is advisable.
Caustic Wood Rot. If the driving potential is too great, bleach and caustic soda are produced around protected fittings. Since some of this reaction takes place inside the wood without seawater flush, the concentration of caustic will continue to rise and the caustic will begin to destroy the wood near the reaction site. Diagnosis is a simple matter of testing the pH of seepage or any powder near bonded fittings; if pH is greater than about 9.5, there is a problem. The solution is to limit bonding and zincs to the shaft/prop area. Less is more. A lower potential is typically recommended for wooden boats, about 0.5-0.6 volts.