Sounds to me like a issue with your wiring, not a cut out, if a cut out is installed properly it will not cause a open circuit on the load side only the generator side, or it will stay stuck on, which is not an open. If the generator or alternator (depending on which one you have) looses connection with the battery, the voltage will go very high. The battery is not only a storage device it also works as a type of voltage regulator for the charging components. This is not "a short" as so many keep stating, it is in fact the opposite, it is the circuit opening up. Take some time and check every connection from the generator (or alternator) to the battery, make sure everything is polished clean and tight. Check the physical wire and make sure there are no cuts in the insulation that have allowed moisture to get into the wire as that can cause corrosion that over time will create a high resistance or open circuit. Not only do you need to check the "wired" side of the circuit you also need to make sure the ground sides are all in good shape, meaning polished clean and tight. This includes the mount for the generator / alternator as that is the "ground" or better stated return side path for the circuit, it needs to be clean and not full of paint, grease / oil and dirt.
If you have added a fuse that mounts on the starter to protect your electrical it can be the cause of all kinds of strange issues as some of them are very poorly made and cause intermittent open circuits.