Limit on "water Damage" replacement iPhones?

[news]

[cellulartalk]

A couple months ago I had an iPhone replaced due to water damage (off contract, $199 replacement in-store) I've almost had it happen again thanks to a clumsy friend (thankfully it bounced off, just scratching the bezel instead of taking a plunge) and wondered if this replacement phone would be...

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Courtesy of WestNet Wireless
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