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In theory, the wood is surrounded by fiberglass and the water can't actually get into the foam from there. The PO of my boat put in metal backing strips with nuts soldered to them to hold the screws for the bailers and then filled the area with spray foam--I don't recommend that. I took that out and filled the area with epoxy (thickened with silica)--problem with that is if you put in too much at once it gets hot and cracks.
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