Liquid electrical tape is fantastic stuff, and not just to repair holes you’ve made. Electrical tape needs to be stretched and applied tightly to last and if you don’t have good access, there’s no way you can make a durable repair. I noticed this exposed wire termination deep in the hood of a Kenworth but there was no way I could get a good, tight application of electrical tape on it without removing the entire hood. Fortunately a couple of dabs of liquid electrical tape and Bob was my uncle (did I do that right??)

I think piercing a wire, done judiciously and with forethought, is ok. Great care must be taken to seal the hole back up though. When current flows through a conductor, it heats up and expands. When it cools back down, it shrinks ..if there’s a hole present, it will **** anything surrounding that hole into the insulator. 2 coats of liquid electrical tape have held up well for me so far, but admittedly none of my repairs are older than a year. I think the liquid electrical tape is a bit superior to clear nail polish because it stays flexible. I’d be a little concerned about the brittle nail polish cracking. Just conjecture on my part, though.