First and most common cause is bad bilge pump connection. The bigger issue is - If the exposed portion of a keel bolt is corroded, it’s a safe assumption all of it is.
Hi Don,
Respectfully, I'm not sure I agree with this assessment 100%. Galvanic corrosion and/or stray current corrosion is an event that happens locally at the site of contact with the electrolyte. The voltage source can be located in a remote location that is wired to the metal that is immersed in the electrolyte, but the corrosion event will occur where the metal is in direct contact with the electrolyte (in this case the bilge water).
Assuming that the keel connection was in reasonably good shape (there isn't a significant gap in the joint, the keel isn't moving relative to the joint, there isn't some other evidence that the joint is failing, the joint itself isn't leaking water into the bilge), this stray current event that (I'm assuming here) is causing some surface corrosion on the exposed faces of the bolt and nuts and was (again assuming) caught early on by an owner that's paying attention isn't necessarily reason to immediately drop the keel for a full keel bolt inspection. If OP is seeing very significant corrosion that is actually starting to cause serious degradation of the bolts, nuts, or washers, I would feel much differently.
The big thing I'm trying to convey to OP here is not to panic. When in doubt, have a surveyor take a look at the full picture to make an honest assessment of the keel connection. In the meantime, install a new bilge pump and float switch if you haven't already done so. Use marine-grade heat shrink connections and try to keep the butt connections hung up out of an area where you will have standing bilge water. If you you need extra wire, use marine-grade wire.
Another thing to note is that this discussion ties in well to our dry bilge discussion we were having recently. I think that drying your bilge
enough to get bilge pumps, float switches, and keel bolts out of constant bilge water immersion solves a lot of these potential problems all at the same time. Minor stray current events originating from bilge pumps aren't uncommon and the affect is compounded by bilge pumps usually being wired as always on, directly to the battery, bypassing any switches.