Re: Emergency Hole Patching Material
I presume the wax toilet rings are a take off of the Stay Afloat product, which does have that consistency. The product has been tested to effectively seal off thru hull type leaks and seems much better than wooden dowels, which can only be effective if you have a perfectly round hole to plug. Odds are that whatever broke the thru hull could have distorted the hole. However, this stuff isn't going to be much good on a sizable hull breach.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.