It's pretty simple really, comes in two parts.
Stuff we made. If it breaks and we made it we will always fix it for free. Forever. Even if a bit of it's just worn out. Or you ripped the buckle off on barbed wire fence fleeing the monsters. Or you left it in the back garden and a fox chewed all the straps off (dogs like straps too). If it can't be fixed just what did you do to it?
Stuff we didn't make. If it breaks within a year or so of you buying it we will try to fix it or get it fixed, if that fails then we will replace it. If it breaks after that come and have a chat and we will still try to fix it or get it fixed. Fair wear and tear excluded, we're not sewing patches on the knees of those rus pants your wore for that adventure where you were playing a dwarf so scooted round on your knees for the entire time.