just a couple of facts...
the mast is carbon fiber not fiberglass so it is very conductive
everything will likely be wet from rain which is very conductive
at a peak strike strength of 6 billion volts, things that aren't normally conductive become so
lighting is most likely to strike the tallest object not necessarily the best conductor
when lightning strikes, a broad area is a is affected
the following is stolen from: http://www.ehow.com/about_6525062_effec ... -rods.html
How Lightning Rods Work:
Lightning travels from clouds to the earth and then back to the clouds. Although lightning is nothing more than a buildup of static electricity within clouds, between clouds, or between the earth and one or more clouds, that buildup can be dangerous when it discharges. A positive charge seems to develop more at the tops of the clouds while the negative charge races toward the earth, ionizing part of the air around it as it travels. As a rule, that negative charge will hit a tall, exposed object on earth since that object shortens its path to the ground. The charge will then return to the clouds because it is attracted to the positive charge there. A lightning rod works by allowing that negative charge to enter or leave the earth without damage to non-conducting materials.
A Final Word:
While lightning rods have proved effective in directing lightning away from buildings and other structures, it will not keep lightning from striking. In addition, a direct hit to a building or to a nearby power line that results in a power surge can still cause much damage.
best solution is to get to shore, unstep the mast, and take shelter