Yes, there's always a chance that either could fail but which fails a lot more? That acrylic tanks' reliability has achieved near-mythic status speaks to their reliability.
Yea,i'm sure they will get another nice tank, that LFS has always been pretty weird overall. Have heard some interesting stories about that place behind the scenes
This is one of the stores I visit frequently and they sponsor our reef club in Iowa. Insurance will be covering a brand new tank from Tenecor and I believe they said it would roughly be 8 weeks. They bought it used for a steal and are ending up with a brand new $17,000 tank(that is what one of the employees said but it could be slightly higher or lower)