A bearing isolator capable of operating under flooded conditions is disclosed. The bearing isolator can include a stator, a rotor, a unitizing element and a sealing element, the stator and rotor form a cavity in which the unitizing element is disposed, and features of the unitizing element with features of the stator and rotor to ensure the stator and rotor stay together while still maintaining a gap between the two components to avoid metal on metal contact. The sealing element resides against a surface of the stator and includes a radially-inward extending lip seal that rides against a running surface of the rotor for improved sealing.