Hi Marc (and Eric, I thought that was your boat (formerly Ron's)
It looks like the tape is there to finish the area that has had the moulding "flash" ground down.
On a previous boat I had the same stuff that ran around the entire cabintop. I think it's glued in place with an epoxy, and wherever the glue wasn't "squished" completely to the edge, the unsupported spots may be prone to chipping.
While the chips may make us TugNuts a bit nuttier, I'm not all that sure the effort to repair/replace the stuff would be worth the bother. The trim tape isn't structural and there is no joint there for it to protect, merely a flash line from the mould joint. The hulls are cast in a 2 piece mould but the hull is one piece. There are no wires under it (at least on mine)
IF I were to fix mine I'd probably:
1. mask the hull along both sides of the trim piece
2. work epoxy into areas with voids
3. sand away any excess epoxy after it has cured
4. remove masking
5 cover the lenght of the trim with white pinstripe tape or remask and paint the trim white.
OR...
1.make a decorative loop of rope
2.hang it over the stern to hide the visible part of the seam.
OR... (98.72% probability)
GO FISHIN', (won't fix the seam, but it will keep my mind on more pressing problems, ie; bobber/no bobber? or, is it too early for a beer?)