Well the sensors are about three inches apart from each other. I checked by pulling the assembly out of the water and it still alarms. The alarm was going with the high level float dry, no water near it. I moved the float back and forth and still the alarm was constant( This seems really odd). Power cycled the unit a couple of times, same problems.
Now the sensors are not near any large pumps or ballasts so I've ruled out magnetic interference. Since you mentioned the alarms triggering if the pump does not top off within 10 minutes I'll have to check that when I get back from vacation. It has to be the problem, I just don't see how a brand new unit would fault right out of the box. I'll let you know the outcome.
Thanks for the help!