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If the livewell has a pump that draws raw water from outside the hull, and/or a recirculating/aerating pump, then these and their associated hose plumbing should be winterized to avoid freeze damage.

To winterize pumps and plumbing, let the pump draw non-toxic antifreeze into its inlet side, and then allow it to pump the antifreeze through the entire plumbing system.

EDIT: Note, the same should be done for any bilge or sump pump(s).