The part appears to be the coolant level switch float. Yes, the part can be replaced but coolant must be removed or drained from the tank below the point where the level switch is screwed into the tank. This point is about 1/3 down from the top. The new switch can be purchase from AquaHot or any supplier.
The level switch is not difficult to remove and replace, but does require some care and mechanical knowledge. The switch can be bypassed using a jumper wire on the control board. It may be contact #'s 15/16 but your unit may be different. Check with AquaHot or the wiring diagrams before considering using the jumper wire.
Good luck,