PSS make a very good, dependable shaft seal. There is nothing wrong with them, and they have a proven track record. Like a lot of things, they can be installed wrong, and if not tended to periodically can lead to trouble.
PSS has a recommended service interval for a "major" service (bellows replacement). I did mine a few years ago and used the newer "longer life" model that has a recommended 10 year replacement interval. For insurance purposes, you might want to follow this recommendation
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The system works by compressing the bellows (so that the "spring" in the bellows pushes the carbon stator against the SS ring), so if the "retaining" grub screws "let go" and the compression is released, you will develop a leak. So, like others have suggested, a preventive measure is a good idea. You can use a shaft zinc, a hose clamp, or the purpose built retaining collar from PSS to backup the normal grub screws. The grub screws are not to be reused, and 2 per hole are used as described above.
Regular routine maintenance would include:
- checking all hose clamps to ensure they are correctly tightened.
- inspecting the bellows for signs of damage.
- checking for signs of leaks or spray. The bellows can be adjusted if needed.
- checking for cooling water flow.
- checking the "extra" retaining device if installed.
- occasionally taking a temperature check of the PSS system to look for signs of overheat (use an Infared gun) while underway. It is usually very cool.
So, other than the every 6? or in my case 10 year maintenance, they are fairly maintenance free (not meaning they should be ignored).
As far as the cooling water goes, at the speeds (and RPM's) that Nordic Tug and Monks tend to operate, cooling water from the engine is not really needed (assuming that there is no air lock in the bellows after a haulout). There is a cooling hose installed anyway. The bellows can be "burped" after a haulout if needed, but I have never found it necessary.
The ordinary bellows is very tough, and the longer life one is even tougher. Yes it is remotely possible that under crazy circumstances a bellows tear could sink your boat, but you could also have a Humpback whale breach and land on your boat. Does that stop you from boating?