How important is the grounding wire that connects to the keel bolt

Today I disconnected the wire to tighten the keel bolt and discovered the end to be very corroded and was held on the bolt with a hose clamp. At first glance it seems to have a weird insulation so I was hesitant to try to remove a short length to expose fresh wire. Is the purpose to eliminate electrical potential as a measure to avoid a lightning strike?
Also, reading the posts on keel bolt torque, I was intent on torqueing them to 150 ft lbs, but alas I couldn’t achieve that within the confines of the cabin sole.

Ron Weber
N22 MagicTime
Punta Gorda Fl.

I’ve always believed that the bonding system is important. The hose clamp method used is not unusual. There are articles on the internet and in the West Marine catalogs also.

Joe Valinoti
S/V iL Gatto NS30U #221
Sea Harbour YC
Oriental, NC USA