If I am seeing correctly that looks like white adhesive? If thats 5200 thats probably the problem. Improper preperation and using 5200 to bond the 2 halves together. have you tried to see if you can seperate the deck and hull? seems likely that if its letting go in that area that odds are good it will also fail elsewhere. I would recommend plexus adhesives to put it back together but thats not a consumer friendly product as it requires a special gun to dispense and is very expensive, but it works simple as that. Tom's right the easiest fix is probably thickened epoxy with some cabosil or milled fibers will do the job if you sand and prep that halves. find alot of clamps and simply put back together.
5200 is a decent product but its not for structural bonding.
Another cheap alternative would be to shoot it full of 5200 again and rivet it together. wont be pretty but will work and the 5200 should be fine since the rivets are the structural hold and the 5200 is simply providing a waterproof seal.
Actually, 5200 is a great product for joining decks and hulls. Used in hundreds of thousands of boats for that application. Even says so on the website
http://solutions.3m.com/...294314622&rt=rud
"Stress caused by shock, vibration, swelling or shrinking is effectively absorbed. Check the bonding and sealing jobs this product can handle for you: fiberglass deck to fiberglass hull, wood to fiberglass, portholes and deck fittings, motors on fiberglass transoms, under mouldings, hull seams above and below water line. Center board trunk joints. Between struts and planking. Stern joints. Deck housing, etc. Easy to apply with manual caulking gun. Won't sag or flow in vertical or horizontal seams."
With that said, this does not look like a 5200 prodiuct. They way in which 5200 would fail is not what is shown in this photo. Not the best photo but my guess is it is not 5200.
As mentioned, if you need a quick curing product, go with the 4200. Little trick is to spritz the adhesive sealant with a little water before joining the two halves. These are moisture curing urethanes.
Mark W