I use a similar product for a few things but the best uses was as a safety tether for my rod holders. In the past I lost rod holders that came out when I grabbed the rod and the holders sunk quickly. Not anymore!
I was introduced to these at the Canoecopiea Show in Madison, WI several years ago. It's a simple little adjustable bungee that I've used for dozens of different uses. The only problem I have is they're easily misplaced so I recommend buying bright colors. Every year I buy more at the show and can't wait until the show in March so I can stock up on some more. Great little product.