First I wanted to remove the rivet. So I used the pneumatic grinder, with an 80 grit attachment, to take the head off of the cracked rivet. Once the cracked rivet head was off the body of the rivet, I used a punch (you can use what ever you have) to knock out the body of the rivet. Now you should have a hole.
The hole that was left in my boat from the cracked rivet was 3/16″. If you were to replace the rivet with another rivet I’m sure that measurement would come in handy. Again this is a 2016 Alumicraft. My hole was angled, and it put a lot of pressure on that one rivet, forcing it to fail. So I then drilled out the hole to 1/4″ and made the hole straight.
I then prepped the bolt, nut, and marine 5200. Clean the area around the hole with Acetone and let it dry. Then put a small dab of marine 5200 on the shaft of the bolt and on the underside of the bolt head. Place the bolt in place and depending on the location of this bolt, have someone go to the other side with a wrench and the nut and tighten the bolt down. When you tighten the bolt down, you should see a nice bead of 5200 come out that circumferences the bolt head. I left that bead there and did not disturb it. Tighten down to your likely (I went fairly tight). You could also use the loctite here on the nut to help prevent the lock nut from coming loose.