Water Leaking from Stovepipe

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The install was three years ago. Tried to contact the installer but he's long gone. I will do as you have suggested and form a lip then caulk the dickens out of it.

Thank you all for your very helpful responses.

Craig
Dont caulk it make your lip put the storm collar back on and caulk that
 
When taking off the old sealant I discovered that there was a lip after all but part of the chase cap was pushed down too far creating a low spot next to the pipe. I popped it back up, caulked thoroughly and I doubt this thing will ever leak again.

I want to thank you all again for taking time to help me out. It is refreshing to find good people willing to do this.

Craig