Leviton warranty from product specs:
http://www.leviton.com/OA_HTML/ibcGe...minisite=10251

I've highlighted the weasel words I saw. My guess is that, if you do lose a pump after installing the 51120, you'll recover 1/2 - 2/3 of the pump repair cost. But, you'll have a good chance of losing nothing but the panel, when there's a damaging surge.


============== Leviton warranty text (highlighting is mine!) =================
PRODUCT COVERAGE
Limited Lifetime on materials and workmanship on 5100 series, 5300 series, S1000 series, S2000 series, 3500 series, 50240-MSA, 55240-ASA and 51120-1/-3R surge protective devices. Subject to the provision below, this warranty covers all defects in workmanship or materials in you Leviton SPD. If the SPD is damaged by a power surge and Leviton determines that such damage was caused by the performance failure of the Leviton surge suppressor, Leviton will, at its option, repair or replace
the unit.

CONNECTED EQUIPMENT COVERAGE
The Leviton “True Whole-House Surge Protection” program provides the following connected equipment coverage:

1. Meter Base (50240-MSA) and Surge Module (55240-ASA):
Maximum coverage per household up to $10,000 to repair or replace (whichever is less) residential equipment which sustain surge damage. Residential equipment includes: washer, dryer, stove, refrigerator, freezer, dishwasher, microwave oven, LCD or plasma TV, surround sound system, DVD, DVR and Indoor HVAC equipment. This portion of the warranty applies to electromechanical components and to any microprocessor components.

Coverage is applicable only when the Service Entrance SPD (1) was active and fully functional immediately prior to the claim event, and (2) sustained surge damage as a result of the claim event and (3) is installed within 100 feet of conductor of structure being protected. The Cat. No. 55240-ASA will provide $1,000 connected equipment for well-pumps.

2. Panel-Mount Service Entrance SPD (51120-1/-3R): Up to $25,000 to repair or replace (whichever is less) properly connected residential equipment damaged as the result of SPD failure (the SPD must also sustain surge damage).

3. Plug Strips: (a.) S2000 and 5300 Series: Up to 25,000, (b.) S1000 Series: Up to $10,000, and (c.) 5100 Series: Up to $5,000 to repair or replace (whichever is less) properly connected residential equipment damaged as the result of SPD failure (the SPD must also sustain surge damage).

4. Plug-In Adapters: Up to $5,000 to repair or replace (whichever is less) properly connected residential equipment damaged as the result of SPD failure (the SPD must also sustain surge damage). The above remedy is your exclusive remedy under this warranty, whether based on contract, tort, including negligence or otherwise. Claims must be made within 30 days of damage or loss. Leviton reserves the right to audit the damage site and/or cost of repairs and may require a proof of loss notarized by claimant.

WHAT IS A “POWER SURGE”?
“Power Surge” means an electrical transient or spike on the AC power or communication lines, including those caused by indirect lighting, against which surge suppressors of this type are generally designed to protect as recognized by industry standards.

WARRANTY CLAIM PROCEDURES
If any of the SPD products have defects or sustain damage covered by your “True Whole-House Surge Protection” warranty, call Leviton at 1-800-323-8920. To file a claim for power surge damage to connected equipment:

1. Meter Base (50240-MSA) & Surge Arrester (55240-ASA): If Red Light is ON – Call Utility for replacement of unit. Send the damaged Leviton SPD product(s), freight pre-paid, to Leviton Manufacturing for testing and confirmation of damage.

2. Surge Panels (51120-1, 51120-3R): If Red Light is ON – Call an electrician for replacement of unit. Send the damaged Leviton SPD product(s), freight pre-paid, to Leviton Manufacturing for testing and confirmation of damage.

3. Power Strips & Plug-In’s: Send the damaged Leviton SPD product(s), freight pre-paid, to Leviton for testing and confirmation of damage.

4. After Leviton confirms SPD damage, have damaged equipment repaired at an authorized service center.

5. Submit receipts along with your claim package to Leviton Manufacturing Co. Inc., 201 North Service Road, Melville, NY 11747, ATTN: CQA

6. Leviton reserves the right to repair or replace equipment at the prorated fair market value of the equipment damaged.


WHAT DOESN’T THIS WARRANTY COVER?

This warranty will not apply to any defects or damage to the Leviton SPD or any properly connected equipment arising because: (1) The Leviton SPD was tampered with, modified or altered in any way, or (2) the Leviton SPD or the connected equipment was not used under normal operating conditions or in accordance with any labels or instructions. This warranty does not cover any damage to properly connected equipment resulting from a cause other than a “power surge.” This warranty specifically does not cover damage associated with a sustained over-voltage; equipment installed outdoors, vandalism, theft, normal wear and tear, obsolescence, abuse or catastrophic events.

This specifically excludes sprinkler systems and hard-wired security alarm systems. Well-pumps are covered only when a 55240-ASA is installed directly at the equipment.

This warranty does not cover, garage door operators or outdoor equipment including outdoor HVAC units and window-mounted air conditioners.

Leviton disclaims liability for any installation labor, incidental, indirect, special or consequential damages, including, without limitation, lost business profits, loss of data and all freight, mileage, travel time, and insurance charges associated with warranty coverage claims arising out of the sale or use of the Leviton SPD or out of the performance (or failure or delay) of Leviton’s warranty.

Valid in U.S.A. and Canada.