A method of reducing stress and wear on one or more components in a keel joint assembly in which a cobalt-based, wear resistant alloy coating is applied to the surfaces of one or more components. The use of the coating reduces stress and wear and achieves improved corrosion, galling, erosion and abrasion resistance as compared to other currently known and applied methods. In the present invention, the coating would preferably would be applied to the surfaces of the mating components of the keel joint.