I'd say you can submerge it for as long as you want at depths no more than a human's height, a quick spin underwater will not do damage, but operating it underwater for any length of time could cause leaks
Buy a lure retriever, because if you do it right, you are going to hang a fair share of these From: Bass Dork: Long Beach, CA 12/10/15 Comments: One of the best swimbaits ever made
In Argentina, try the Brook Trout Basecamp
They may not have the professional look of commercially purchased boxes, but as you can see in the picture above, they get the job done just fine
This product can also give you down scan, side scan, and CHIRP sonar, so you can have a complete view of the water beneath you and to the side