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Years ago when I had my Clipper 26 I would unscrew the bronze fitting that the cable ran through and stuff the area around the cable with fiberglass house insulation saturated with water-proof grease.It did wonders keeping the water from splashing out through the hole. Nothing will seal it if you're carrying a crew of 5 or 6 and the boat sits too low in the water. I do wonder if you split a small plastic tube around the cable extending as far up as the coil of cable and seal the base with a caulking compound, wrap the tube with tape and thus extend the original bronze opening another 4 or 5 inches for a cost of around 50 cents.I do remember that the insulation and grease idea kept my floor dry even in some fairly rough conditions. Bob
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