Your warranty does not cover liquid or other accidental damage.
Water and electronics do not make happy bedfellows. Your iPad is not designed to be water resistant. While it may survive being splashed with water if immediately dried, it will almost certainly suffer damage if it becomes wet or is submerged.
You would be best advised to take your iPad along to the Genius Bar at your local Apple Store or Apple Authorised Service Provider (AASP) - where the technicians will be able to assess your iPad. If repair isn’t possible, the iPad can be responsibly recycled - and you’ll be in the best possible place to explore possible replacement:
Genius Bar Reservation and Apple Support Options - Apple
For practical purposes, Apple usually exchange the iPad for a renewed/refurbished iPad of the same model and specification. The cost of the exchange is the same as would otherwise be charged for repair. When exchanged, the replacement iPad is yours to keep.
If you have benefit of an active AppleCare+ plan, your iPad will be covered. Being an insurance product, you be required to pay a small excess/deductible fee.
