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Re: I28 Keel Bolts
'The bilge wants to be wet so I want to re-seal. "
Is it taking in water from under the boat? Or is it wet from rain?
I can't really tell about #1 but that #2 bolt sure looks half-eaten compared to any new bolt in the hardware store. Given that the I28 is built like a brick...I'm not sure I'd be so fast to condemn it but that could be my own ignorance. IIRC there's also a keel bolt forward mainly inaccessible because of the oddly stepped mast support and head compartment, there's a 4x4 in the corner of the head that is structural and gets in the way.
If you decide to recoat the bolts, I'd go with beeswax (inside dams if it gets hot enough to melt that there) only because that's easier to remove for reinspection than epoxy. If you want to simply take no risks, that could mean dropping an reattaching the keel, or having someone sister in new bolts while leaving the originals where they are. Not a trivial job either way, so it might be worth finding a competent local surveyor to go hands-on in any case.