claygr is right.
Here are pictures of the butyl tape "at work."
Held through a tremendous amount of rain the past few days.
When you do them, you should remove the plate below and assure that there is no intrusion, per the earlier picture I posted "looking up" through the hole.
There are simply two avenues for the water to enter: the long side of the through bolt, and the short side.

I stuffed the sides with the butyl tape and then slathered the cover plate with tape before I screwed it back in (as well as doing a "Maine Sail" on the bolt head).
I've read many posts on other boating forums about how folks use 5200 for this. That is simply: Dumber Than dirt. Chainplates SHOULD move a bit and let the deck flex WITHOUT CREATING LEAKS. Why? Look at the design of the chainplate SYSTEM. The shrouds attach to the chainplates which, in turn down below, are connected to the rods that go even further below to the boat structure. If the deck can't flex because some a$$hole used 5200 to GLUE the deck to the chainplate, there is more risk for failure at the point where they meet.
[chainplate butyl] [chainplate flix]