Q: Power cord splitting near connector?

Hello All,

I have an early 2008 15" MBP.  About a year ago I took in my power cord (the standard T-style Mag-Safe that came with it), and had it replaced with the new L-style mag safe power cord.    I used the computer on the go for a few months, but I bought an iPad, so now it mainly stays on a desk. 

However, I've noticed that now the new connector is actually splitting in multiple spots near the Mag Safe adaptor.

I haven't been on these boards in a while, so is this again an issue with the L-Style cord?   I see exposed wire... which I can imagine could be a fire or shock hazard.

I don't have much time these days to make my way over to an Apple store, so I wasn't sure if it'd be worth my while seeing if they'd swap it out again?  Or if I should just suck it up and buy a new one online?  And if I do buy a new one, do they have any warranties?  Or will I have to keep replacing these things?

Thanks for any help/Suggestions!