It hasn’t ever happened to me but I had to replace the rubber strap on my Panerai when I noticed the bracelet begin to split on the underside where the buckle would go through the hole. I'd say the watch had about a month left before it broke. Rubber is a natural material so it needs to be replaced sometimes.

Look at what a new unused one costs on the grey market and try get it for around that price. Another AD had to sell it to that grey market dealer for less and would have still made money

Like I said I just never take it off. I feel naked without it

That’s exactly why I want to know too. I put my watch on a rubber strap and wear it into the gym. I only take it off while I'm in bed

I use it for open sea swimming and snorkelling and it hasn’t ever given me an issue and I had it serviced about 18 months ago, so it should be ok?