It does have a safety time out that should shut it off even if the float failed. Be default this is set to 1.8 minutes and it can be extended to 3 minutes.
Causes of this I have seen, are as follows-
1) Critters, especially sea urchins and cucumbers can insert their legs in and move the float. Small stomatid snails can do this as well, especially if this only happens at night, this would be a prime culprit.
2) The magnet holder or a magnet holder cleaner near by. If the glass is less than 1/4" thick this is a possibility as the magnet or a nearby magnet can pin down the float switch which is a magnetic switch. The black ring is a magnet and it flips a switch in the post. If the float is at an angle and not straight up and down, it is likely attracted to a magnet.
3) Something near the controller is creating a magnetic field and causing interference. A ballast or wireless control device or LED driver are prime culprits and along with their associated wiring should be kept at least 18" away.
4) Something is wrong with the controller.