Most calls for help aren't due to risk of sinking. I would guess that it's from lack of fuel, broken down, grounded, medical emergencies all are more common than going down. That said, I think the manufacturer put it in an out of sight accessible locker, so it is out of the way and since it's an ugly thing that detracts from the aesthetics of the boat they figured the owner can make his own choice as to where he (or she) wants it. If it were me, I would say, out of the way so no one can bang their leg or shoulder on it, fishing line can't get caught on it, rod tips can't get caught behind it, the sun can't bake it, kids can't reach it, dogs can't pee on it etc. I don't know your boat lay-out but to satisfy those things and others that other members here should advise you of, my thoughts would be in some locker somewhere out of the way with a good-sized emblem noting its location.