Can you shoot a bullet through Pond Armor and have it self heal? Nope! Can you do that with Pond Coat? Yep. Dan at USI Coatings did it just to see if the claims were true. Shot a bullet through it and by the next day it was waterproof again.
He told me that the plumbing contractors love the Permadri products and use them wherever they are doing showers and such. The reason they love it is that they can nail stuff up temporarily through it. Once they remove the nails, the coating self heals and is waterproof again.
Pond Armor is a great product for use on NON-FLEXIBLE installations that won't give like JohnPTC's and VLDesign's builds. As you well found out, when your tank bowed, the Pond Armor gave. If you had used Pond Coat, you wouldn't have had a leak.
In regard to price, properly prepared plywood tank with Hardi board and Pond Armor will run you close to the same price as Pond Coat. Then you have to deal with mixing it and having it set up on you if you're not quick enough applying it. You well know the issues as does anyone who has used it. I'm not knocking the product. It's a great product.
For my application though, it's not the RIGHT product. I can spray the Pond Coat on with a $25 hopper gun from Harbor Freight according to Dan at USI. The Pond Coat coats are thin coats that build upon each other to get to 50-60 mil which is about the thickness of a DIME! 1.27 - 1.51 mm for you metric peeps. That's all that is required for them to warranty the coating.
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OWP, Anywhere there's a hole cut in a liner I'd want Pond Coat securing it to the plywood so it doesn't have a chance to move.
BadOleRoss, that's good to know.