Skin fitting fitting!

All skin fittings like this on my various boats have been fitted using sealant only and I have never seen one that had a rubber gasket. No reason against having one but it doesn't seem necessary. I normally use Sikaflex 291 for both under or above water sealing but polysulphide sealants are supposedly better underwater.

Tightening torque is a difficult one as you are unlikely to be able to get a torque wrench onto the nut due to the length of the fitting. Ideally you would apply the sealant, tighten the nut until sealant is extruded all around the fitting, wait half an hour and then tighten quite tightly, e.g. using a 12" spanner pretty much as tight as you can get it.

If you look into the bore of your fitting in the photograph you will see a lump at the 4 o'clock position. This is a key to prevent rotation. Put something in the bore alongside it, a large square-shank screwdriver held with an adjustable spanner works well, and tighten against that.
 
That type of rubber seal seems to be peculiar to Bavaria. Although breaking up on the outside, the seal through the hull skin is probably still sound.

As Vyv says, nothing magic about taking out and re-sealing - I would use polysulphide, but more through 30 years habit than anything. Not a nice job as access is a bit awkward, particularly if you are regular size. Definitely a job for aspirant jockeys!
 
Is it leaking? If not - do nothing. You could cut off the rest of the sealing rubber to make it look tidy. It's what's under the flange that's important, not the bit outside. If it is leaking, Vyv's advice is good.
 
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