In the process of tearing apart and remodeling my Sovereign (and Caravel, and Ovelander--every 70's Airstream, I'm sure), I came across a very poor design issue. The horizontal piece of aluminum that the bumper locker door attaches to runs under the rear inch or so of the floor. Any rain or other source of water that falls in the bumper area will run under the plywood and rot it.
I recommend undoing the lower belt so that you can gain access to this area, then apply a bead of Vulkem at the interface between the lower edge of the exposed floor and the horizontal aluminum strip. If your skin doesn't come down so low that you can't, I'd coat the entire vertical edge of the exposed floor.
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