oldboyracer said..
Not sinking , but mine filled the engine up with sea water when the anti siphon valve packed it in. I now close the sea cock. Impellers are cheap and I keep a spare on board.
I have seen two boats develop leaks in cooling systems with the engine cock open. The bilge pumps stemmed the flow but not something I want to chance.
My cooling system has numerous rubber connections, you only need one to be a bit loose through vibration and a big wake to savage the boat and you just might be in trouble.
I always close all sea cocks when not on the boat and when not needed more than 10 miles offshore. If in doubt that you will forget it put the keys on the cock when it is closed.
Changing mine is a nasty job requiring removal of the heat exchanger. The manual says 400 hours and I have experience of impeller longevity now so 300 hours will do.
Except immediately after an impeller change when the pump is dry, the engine and pump are full of water. Forgetting the sea cock for a few seconds won't cause any damage. If it is run dry for more than say 20-30 seconds, or with the engine above idle, I replace it.