There are 2 latches on the size, that is all that holds it, they do become loose over time and should be able to be tightened with a screw driver, if that does not fix them, a marine supply store should be able to get them and they are not that expensive, I plan to replace mine next week even though they are perfectly fine yet.
mronzo, I understand where you are coming from that you should never trust it, but my 265 has taken many big waves from all angles, including the transom well, I've backed down on fish offshore and not once have I had an ounce of water come into my cockpit from the transom well. If all components and hardware of the well door are up kept, it will work as it should and it will not let water pass through. I agree you should always be cautious and assume it will not always work, but this design is very effective, and much better then older notched transom boats and their wells. If your 265 is getting water into the cockpit from the transom well, you have something else wrong and should panic, but the boat has enough flotation to prevent water from entering the cockpit, the transom notch is at the level with the cockpit, so no more water then that can accumulate in the well. If you are getting a good amount of water through that door, chances are you are in real trouble, either your boat is loaded too heavy/ wrong, hardware on the door hasn't been checked and upkept enough, or more then likely, you are out in conditions far worse then you should be for that boat. Don't let an open transom scary you, they are safe, it is typically the conditions boats go out in that causes the problems.