I have just bought a 1999 model Princess (Viking) 20M . This yacht does not have an isolation transformer on the shorepower circuit. Is it common practice not to have an isolation transformer?
A lot of boats your size don't have isolation transformers. Keep in mind the builder is from England and they use different electricity there. So building for the American market wasn't something second nature for them as far as electricity goes at that time.
Recent purchase of a 25 year old plastic boat. No isolation transformer. No purchase issues mentioned. IMO; I do not see a transformer needed.
Thru my many years tinkering on boats, any steel or alloy black water tank is subject to a short life. Isolation Transformers (IT?) can not help here. Any builder of these tanks were obviously full of the affluent. Trying to type politely here; Even a Vegan tea totter's urine will eat up an alloy black water tank.