Correct.....
Yes, the TOPS sensor has been activated and is part of the blow-by valve. The code 1502 says that the ECM (electronic control module) is reponsible for this function and that you should be getting 5 on your beeper code. Limp home mode at 5000 rpm. BUt it also says you should return to normal operation after the engine has been stopped.
Possible causes for this to happen; the PWC was turned upside down, damaged circuit wires, damaged connector or damaged ECM output pins.
I hope this gives you a little insight to your problem and welcome to the Seadooforum!.........