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Hey Bob,
Water sure did spurt in on my CM26...especially in rough seas. Seems to me that the main reasons for that keel pin are to discourage the keel from slapping around in bad weather(I live just south of Buffalo, N.Y. and Lake Erie gets real mad real fast) and to cushion the upward stroke after hitting an obstruction. That way it won't swing so far upward and subsequently not slam back down so violently. I've heard of swing keel boats cracking the keel locker in this manner. Kinda serious. Also, I get the impression that you may not realize that the pin is grooved to purposely create a weak spot, or shear point, to insure that it does its intended job at keel impact. And also that you should maybe carry a couple of spares. They're very easy to make.
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