I was able to get away today and head to the boat. My first attempt to diagnose the issue was to isolate the ignition switch, to determine if the problem was further up stream of if I need a new key switch. With the engine running I removed the wires from the ignition, and nothing changed. It seemed that this meant the issue might be in the solenoid of the starter (as stated above).
I removed the starter / generator from the engine and took it to be tested. NO issue with the starter, however this particular model doesn't have a solenoid, but the starter motor worked as it should.
My next step was to follow the positive cable from the starter, as a mechanic told me there is a pretty good chance the solenoid is external and between the starter motor and the key switch -- BINGO!
On the lazarette bulkhead I found this:
All signs are pointing to this little devil being the culprit of my problem. It's a $30 dollar part, and when dealing with a Volvo, that ain't bad!
I was able to bypass this solenoid / relay and I'm now getting power to the starter - As I should. Now, I won't know for sure if this is the only fault in the system until I replace it and try again but that's for another day.