https://www.apple.com/applecare/
replyAppleCare specifically covers water damage of any kind, and is what I would assume OP would be referring to as a "premium warranty and repair service".
That isn't my read.
replyApplecCare is as much a warranty as their Apple's phone are guaranteed waterproof.
It's marketing.
The 3 year warranty add-ons is an insurance. One can get an insurance for any device.