No Chris,
I was not equipment failure. That hook would have done the job just fine because of the path the anchor chain had on my vessel. On my post at
http://www.expeditionyacht.org/?p=365 you can see how the chain went all the way over the deck. It was not just hanging on that hook.
I'm not quite sure how not having it secure may have saved anything. Over 500 ft. of chain on the bottom of the English Channel :-(.
Luckily there are a lot of used spare chains available now.
Thorwald