I had to construct an experiment for our lab that required a magnet be
submerged in
water. I found a spray-on rubber coating material made by Plasti Dip, that
works
great. They also sell a liquid version that allows you to dip the item to
be coated.
In my case the spray version was much more desirable. Check it out.

At 01:34 AM 8/3/01 +0300, you wrote:
>Just keep in mind that most 'supermagnets' need a serious coat of paint
>(better epoxy paint) because they are very allergic to water (even vapor)
>and contain a lot of environment-unfriendly metals (environment-unfriendly
>as in you-unfriendly when you are sloshin around the vehicle in the
>water). I have never seen anything rust as fast as a supermagnet. It went
>from dull gray surface to at least 1 mm deep rust in 45 minutes after the
>paint was accidentally scrapped off (at 80% humidity and 30 degrees C).
>
>Peter
>
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