On some older boats its exposed,otther than open it up caulk just like when you bolt anything to it like engine,or screw any thing to it below the water line.
Id check the bottom of the hull for ground out spots as well its getting long in the tooth,for those or any thing larger most auto parts stores sometimes walmart stock a wet cabable fiberglass repair two part resin.
Whatever reason its leaking pays to find them and fix them as doesnt take but one season to start rotting wood.The resin is like two part play dough,easy to use and has fixed several ground out spots on my older boats quite well.If using it for the plug area keep it thin,after drying can sand and even paint to match if desired,keep it to 1/4 in all around should never notice it.



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