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Stainless Steel or Silicone Bronze

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Stainless is fine anywhere above the waterline in a boat that spends time in the water and is wet. For a boat that is only used infrequently or is trailered, put in and sailed and removed from the water and kept dry the rest of the time Stainless can be used throughout the whole boat.
This is especially true of a small boat that is wrapped in fiberglass cloth. In order to exhibit SS Crevice Corrosion several conditions have to be met. The fastener has to be wet, there must be no water flow, and it must be in the water for a period of time. Most of the crevice corrosion I find is along the keel of boats that have water in the bilge all the time.
When you deprive stainless steel of oxygen, then add an electrolyte , it causes crevice corrosion. 
The advantage to ss is that its cheap, available and very durable.
Silicone Bronze is typically the choice below the waterline.  It is commonly used above the waterline when embedded in wood where stainless can corrode in time.

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