This doesn't sound good. Is the water contaminated?
I would do some checks with a multimeter.
I had to deal with a 350 kw generator that had been contaminated with brackish water. We were reading zero resistance with a megger and very low resistance with a multi meter. The resistance reading on the multi meter changed when we reversed the leads. We could also read a small DC voltage to ground with the multi meter. I took this as an indication that the copper windings and the iron stator were acting as a battery and I was reading the galvanic voltage.
We dis-assembled the generator and washed it for about two hours with a parts washer and fresh rain water. Then we reasembled the generator and spent about 2 days drying it. We were able to get the megger readings up in the megohm range.
We then put the generator to work.
However, based on the experience with this set, I recommended that the other 4 sets be sent by ship to the US for cleaning, dipping and baking in a motor shop. I further advised that the set we dried would probably run indefinitely, BUT if it was ever stopped and cooled down, it should not be restarted before being sent to the shop in the US for a re-dip and bake.
This set ran for 4 or 5 months. Some of the other sets returned from the US and were put in service.
The original set was shut down for awhile. One day my recomendations were ignored and it was restarted. It failed catastrophically. The difference in cost between a re-dip and bake, and a rewind are such that it never was repaired.
I would check your motor for any sign of a DC voltage to ground, indicating that the insulation has failed to the point that the copper and the iron are acting as a battery.
If so I recomend sending the motor in for a cleaning and a dip and bake. You may save some money by cleaning the motor windings with clean water and drying the motor before sending the motor to the shop.
If you get a good megger reading after drying you can probably use the motor, but when it is stopped and allowed to cool, I recommend rechecking the insulation resistance before restarting the motor.
You can dry the motor quite effectively by running low voltage dc through the windings.
Warm the motor externally until you get some improvement in insulation readings before putting any voltage on the windings. If it's a dual voltage motor connect all the windings in parallel to minimise voltage stress on the insulation.
yours