Contacted Polyform today. Byron of Polyform told me that I could send the fender back to him and he would examine it. After he described the valve or convenience flap, I took another look at the fender. He said that the air is actually held in the fender by the screw in plug and not the valve. He said the the item that is rolling around inside is probably a piece of rubber casting left over from the manufacturing process. I used a blunt tool (allen wrench) and adjusted the convenience flap a bit. Then I aired it up using my hand pump. Very hard to get a seal and pump at the same time. Willie helped and we were able to air it up. I have an adaptor coming that will allow me to pump them up easier. The "bad" fender now seems to be holding air ok. I will see after a day or so how it does.
Not as easy as Taylor warranty, as I will have to send it back to them for examination if it still leaks. No instant replacement. No free replacement as it will cost to send it back via UPS at my expense.