I've had mine in deeeep water a few times without issue.

My feeling is issues arise if water is muddy or has a lot of crap in it, then the alternator becomes clogged.

Would recommend flushing with fresh water and then blasting it with wd-40 after a day on the trail.

On my Gen II, I worry more about the power steering pump. Both times my alternator has died its been from ps pump leaks.

~ Jon

95 Montero SR
33 x 12.50
Aussie Locker
OME Heavy Duty Coils & Torsion Bars
ARB Front Bumper
76" Trail Gear Rock Sliders
XRC-9.5K Winch