Joe:
Here is a link to the Items that break album with images of several failures.
As Norm says - it's the corrosion ... look at the below as this is a classic example from Pygmalion - then further down for the result after removal. Note the crack looks small but acutally is 1/2 the width+.
There are a couple of things to worry about - the holes for the carriage bolts are square - the corners makes a great place to start cracks - Bud has offered a version with round holes and fasteners that with an allen wrench will tighten nicely.
With the chain plate flush against the hull and if the area is oxygen starved and a little moist then the corrosion can/will get started.
Short of removing each chain plate - you can polish and check closely for any sign of a cracks especially near the bolt holes.
Now here is a way to really lighten your wallet... Way below is an image of bronze chain plates on "Constanza" which I'm told is a W32...
Constanza - Bob Kingston - several years ago.