I'm in Southern New Jersey. My gas chimney is leaking water when it rains
and the first repair company I had look at it said the seal on the chase
top (the big plate that covers the chimney with a hole in it for the
center pipe) (See http://chimneykeepers.com/images/chase_top1.jpg for a
picture) had some gaps in the seal and is getting rusty.

He caulked it for now and said he thinks I can get a few more years out of
it if they "wirebrush complete chase top then seal it with silicone, paint
with aluminum/fiberglass flashing sealer". That's $200. He guessed a new
stainless steel chase top would be $700-$800.

I don't know anything about aluminum/fiberglass flashing sealer but it
sounds more like a caulk than a paint. ???

My question is: Is his job worth doing and will it really hold for a few
more years?

(Yes, I know I should go for the new SS replacement but that's not my
question.)

Thanks,

Ted