There should probably be a thread about rudders. When I was in the Pac Cup I think they said that they usually anticipated a 10% steering gear failure rate. Those figures would hold good for the 2014 SHTP if we count Gary's tiller failure (and who but a WetSnail 32 would have a spare tiller on board). The usual issue I would guess is stainless steel. Absolutely the worst metal (or family of metals) to have anywhere near salt water. OK naval brass is worse but....The great thing about the SHTP is that, generally, it is a 'bring what you got' race. Consequently some of our boats are old (mine was 41 yrs old at race time). Without getting into a crazy rant about a subject that a lot of participants understand better than me, SS needs to have a constant supply of oxygen surrounding its surface. Whenever a rudder main piece (shaft) passes through a gland it is deprived of oxygen. I can't count the number of prop shafts I've replaced that look good except for the area that is inside the stern gland. At that point they look like torredo worms have attacked. On a modern rudder that is balanced or semi balanced not only is oxygen excluded inside the gland but inside the body of the rudder itself. Most people would agree that it is better to lose your mast than your rudder so if you're a newbie thinking about "having a go' think about having your rudder post made out of carbon fiber or monel.
You can inspect your SS rudder post but perhaps the greatest evil about SS is that it can look great until it fails. On my dream boat there would be no SS shrouds, chain plates, prop shaft, rudder post etc etc.
It's a rainy Friday night and I apologize for ranting but don't even get me going on Gary's tiller that appears to be wood encapsulated with fiberglass....this is the only thing I can think of that is worse than SS