It seems to me that detecting the visible light from fluorescence is the easiest way to go if you want to have an electronic indication of failure. Though, I think it might be easier just to have way to look at the fluorescent material. No electronics needed.
By the way, I have a similar sterilizer (they call it a UV filter) for my pond and it emits a blue glow around a clear plastic collar at the coupling. It's really too faint to see in sunlight, though. We know the bulb needs replacing when we get an algae bloom. Perhaps not a good solution for detecting failure in a potable water system...