I liked what Woodster suggested if it is the shaft seal leaking.
If so, is it a Sherwood pump?
If so, they're designed for failure.
Compare the parts list between this & Oberdorfer pumps. Sherwood has 21 parts,
just look at this to see why I feel this is an inferior pump. The Oberdorfer pump has
fewer parts & a better design.
I had the shaft seals fail in two new Sherwood pumps. They lasted less then two years each.
I changed to the matching Oberdorfer pump & have never a problem since.
I did change my impeller at sea once & used a waxed paper bag for a gasket, it's still there. As for using any caulking, for me, I wouldn't. Then you will need to clean this off when changing to a new impeller. It is not designed for caulking. Maybe a plastic bag could also work as a gasket. Maybe I'll try this for the next changeout.
CR