There are several levels of "waterproof". There are "drip proof", rain tight", "splash proof", and on and on. I'm not up on current NEMA classes, they have changed several times over the years. To be "waterproof" is many times a marketing gimmick, overlooking the reality of the situation. I am not a "licensed" electrician, having worked in the mills for 50 odd years. I have my own "standards" for any given installation but avoid "explosion proof".
The first issue is the splices. For AWG 10 and larger, I avoid wire nuts completely. They have several weak points and I just don't like them. For anything larger, I use Kearneys, split bolts. They are often a PITA to install, but give a good, solid connection. Crimp on connectors (cigars) I won't even consider. In summary, the splice should be tight enough that it becones one solid piece. Able to support any strain that the wire can withstand. It sounds like you had a loose connection to start with.
Proper insulation will actually survive immersion for a while. I won't go into the many finer points of a power circuit splice, but just a couple of layers of (cheap) vinyl tape won't cut it. It needs to be well insulated.
Conduit entry: No matter what the NEMA rating of an enclosure, if you didn't use a hub to bring in rigid conduit, that rating went out the window. Conduit entries are a weak spot that should be well covered. Never coming in the top, with a few exceptions where fittings meet strict standards. Entering in the lower portion of the sides is optimal. Entering in the bottom means vertical conduit hence a water trap.
Water in the conduit: Starting with condensation between different climatic conditions, water tends to build up in the tightest of conduits. Conduit should never run down, across, and back up. Leaving a "well" to collect water is just asking for buildup. "THHN" insulation class will survive this, other types of insulation will not. And NEVER a splice inside the conduit. If the wire is too short, get another wire.
And the most important issue, to me anyway. The NFPA, National Electric Code is not a standard for electrical installations. It is the minimum acceptable. Contractors use the code as a guideline for reasons of pricing. I can't count the installations I have seen that "were to code" and needed to be redone days later. But they met the minimum standards, the inspector said so. . . End of rant
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