Alarm sounds when either low oil pressure, hot temp, or low gear lube. The alarm uses sensors that are separate from the helm gauges.
The engine management is putting the engine into guardian mode to protect it when the alarm sounds.
You can try disconnecting the water temp and lube level next time to see if one corrects the issue. I believe you have an electric fuel pump and since the engine keeps running I doubt it's the oil pressure switch as that would remove power from the fuel pump and kill the engine.
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1997 Silverton 362, 7.4 Crusaders
1997 2400 SCR, 5.7 Vortec / Bravo 2
Mike
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