Appears to be a NTC rather than a MOV, wired in series with the load to take power inrush surges.
Max.

Yes it is a ntc(about 4 ohms).

You will be OK if the part you replaced with are genuine.

It is possible that it could work for years without any problems. Two mosfets appear to have shorted out within two months.
It could be that the first mosfet failed due to age, and that I was just unlucky with a faulty replacement. To be honest, I don't think it's worth
the risk to find out.

The replacements were bought from a reputable company and have equal or better voltage and current ratings.

 

Like Zariq ive had same problem with same Greenmaster 4800rpm threadmill,i want quickest easiest way to fix mine where would i get a new Control Board for Eg.??Regards Martin

 

Probably ebay.
Regarding the run away situation, normally there is a E_stop cord which you attache to your body or clothing and in the case of a emergency, runaway etc, the magnetic operated sw or whatever, stops the machine immediately.
Max.