The original seam sealer is a lacquer based product, which much like lacquer paint, is susceptible to shrinking and cracks (checking). After masking off your good paint as others have detailed, the entirety of the old seam sealer needs to be removed, the drip rails abraded, then EPOXY primer used as your substrate. After that has set (per recoat window), then use an EPOXY seam sealer in place of the old stuff. The epoxy seam sealer does require a special cartridge gun, (you can find these for about $35 on up) but the shrinking and cracking issue will not happen again with this product. Here is the process we used on a wagon we are working on using a self-leveling epoxy seam sealer... both the topside and underside..

Bottom side:

https://www.garagejournal.com/forum/showpost.php?p=7328253&postcount=2767


Top Side:

https://www.garagejournal.com/forum/showpost.php?p=7391278&postcount=2783