I don't know what engines you guys have, but look at this link and you can probably find the cooling system schematic for your engine:
http://www.volvopentastore.com/Engine-P ... ore_id.366In about 99% of all cases, the P/S cooler will be somewhere inline between the raw water pump on the engine and the transom mount. On the Joint Venture Volvo/OMC models (1994-1998 for OMC, 94 and later for Volvo) with V6/V8 engines the PS cooler is behind the engine, hiding behind the left hand exhaust manifold/riser as looking at it from the front of the engine. You will really have to get down behind the engine to see it. My boat has a trim piece that comes off right above this area so I can get at it. On other engines it can be on the side of the engine, spliced in between the raw water intake hose coming from the transom. The cooler itself looks like a small cylinder with a hose fitting on each end. It will also have hydraulic lines that run to the PS pump threaded into it.
Other things to check (admittedly not easy by any means) is the other small hose that goes from the pivot housing to the transom mount on the outside. This can be seen by trimming up the drive and turning it to the right, it will be in the left side of the transom mount. Its a fact of life that these screw clamps get loose and you're going to be better off if you add checking them to your get ready routine.
The reason why I am making this known to others is that this hose popped off the P/S cooler on my boat last summer. It overheated the engine and filled the bilge with water REALLY fast. This is because the Cobra impeller is in the drive. And, its a high output impeller like the one on the Volvo engine mounted one. On a Volvo, it would overheat but not fill the boat with water (unless one of the hoses to the pump popped off lol). In the Cobra, this hose gets the full pressure of the impeller output. In the Volvo this hose is under suction, so its not as likely. But, that hose between the raw water pump and the thermo housing is under pressure in the Volvo design and can pop off with the same result.
And because of its hidden location, it gets overlooked. This thing sprayed salt water all over the place. At first I thought I had an overheated engine and leaking bellows. But, as soon as I shut off the engine the water stopped coming in. Then I knew it had to be that little bastig of a hose. I had the boat towed in but I could have waited to let it cool off and just re-connect the hose.
I had rust on spark plugs, fuel filter, carb choke blade, etc.
Live and Learn, driveway marine mechanics......