I fyou were checking the fuse when removed and connected one end to a 12v supply and measure d the voltage to neg. with a digital multimeter then the results you got are not surprising. The multimeter probably has an input resistance of 10megohms. That means it will sniff a voltage without drawing much current. (12/10000000 of an amp. ) With that current flow you had a voltage divsion of aprox 2 volts dropped in the fuse and 10 volts dropped in the meter. In other words the fuse had a resistance of 2 megohms aprox. At 12 volts that will allow about 6 microamps to flow. (which is almost nothing) The resistance in the fuse (conductivity) is almost certainly as a result of molten metal spattered on the fuse casing. So yes the fuse is dud. well spotted!!! It shows the trickyness of digital multimeters with very high input resistance. They are great for electronic circuits but can be misleading for boat electricals. olewill