A vertically polarized antenna would work a lot better for a mobile FM receiver (which is why cars use whip style antennas) if you install how you're suggesting you would need to point the boat in the right direction to pick up the signal. Best option would be a vertically polarized antenna with some internal levels to give good vertical gain (narrower beam) while still being very omnidirectional in the horizontal plane (think squashed donut).
So I guess in short no I don't think it will work very well but I've been wrong before.
I hope this helps a bit.
Cheers,
Matt


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