Ayuh,...... Welcome Aboard,..... I'm guessin' yer talkin' about the gunnel strip that fits into the aluminum rail,..??..??
If so, it's the 1st line of defense against scrubbing against docks, 'n whatnot,.....
It's yer call whether to fix it or not,.... be sure that if ya don't, whatever's still there will be the 1st thing to get beat up,......