I just spoke with Dave Lyons from Undercover's warranty department. I explained the problem that I have been experiencing.
Mr. Lyons told me that about two years ago a company approached them with a new formula for their polymers used to make their product. They used the new formula for approximately 3 weeks. They stopped using that formula because they noticed the finshed product was too glossy. Two years later, they are noticing that many of the covers produced within that 3 week time frame are peeling (just like mine).
Mr. Lyons told me that since I am not the original purchaser of their product the warranty usually does not apply. However, he said that since they are aware of the problem, they are going to send me a brand new cover to replaced the damaged one.
I was very impressed by Mr. Lyons and how professional he was. He could have easily just told me that I was out of luck. Anyway, just thought I would share my story.