The lower half of the mount, the part where the coax is soldered to, has two sets of "teeth" that will grab the metal on the underside. Scrape loose any paint/primer/corrosion in the area where these "teeth" will grab to ensure you get a good ground. The top half of the mount, or the nut portion, has a small "O" ring seal and is suppose to make the mount "waterproof" when you srew it down onto the lower half. The only insulator I'm aware of would be this "O" ring.
If you bought the NMO mount/coax cable as a package they usually have some sort of rubber gasket that fits over the nut portion and should help with making the mount waterproof when you screw the antenna onto it. Some Larsen products usually have a really nice gasket, I prefer it over the regular flat gasket that comes with some antennas.