The rubber seals/covers above the knock sensor don't work very well and on stock applications they will collect water in the hole until it damages the knock sensor.
GM has issued a TSB (02-06-04-023A) for code PO332 (knock sensor), which may be heard as a mild to severe engine ping usually sounding worse on acceleration. This condition is a result of corrosion on the rear bank knock sensor due to water intrusion into the sensor cavity. This condition is more frequent on vehicles that the owner washes the engine compartment.
To correct the Knock sensor problem requires replacement of the rear knock sensor (their is also a front knock sensor, we also recommend replacing) and building a dam (wall) around the sensor using RTV to divert water away from the sensor.
But hey, It's a boat. It's not like I will ever clean it or it will get wet.

The knock sensors are easily relocated if I have issues.
