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Hi Robin
Not distrustful, just a tad skeptical.....................as I recall the video shows, as per IPX1, dripping water with the IPX1 mentioned in a text box.
In the past, I have been selling materials with guaranteed longevity based on both 'endurance testing' as well as accelerated comparative estimated lifespan. In the case of the tests Olympus do, I do not doubt the kit is resistant but the cynic in me wonders because the video is promo showreel and not IMO representative of 'test to point of failure' controlled test. (Caveat being ~ was the one shown picked from the production line at random, was it used in the field or put in a test rig to press the buttons whilst 'rain' poured over it etc)
PS yes, warranties for failures that are not deemed wear & tear and/or misuse and insurance for accidental damage
but I would not rely on either in the case of water ingress damage, unless explicitly mentioned in the T's & C's