Mine's located in a place where it isn't easily gotten wet, (mounted on upper left fairing frame, left and behind the headlights). As mentioned previously, the unit's fairly weather resistant but is not intended to be directly exposed to the elements. If you're placing it in a very wet location I'd suggest engineering another place instead. If not, there's a foam sealing strip on the module cover for the wiring harness / DIP switch access that you might want to consider adding some silicone seal to once all the installations are complete and tested. I'd also face the actuator cable "downwind" to prevent water from entering the base of the module at that end easily. Boots over the cable connectors are a plus, too.
Ross