Coming back to this because we just dealt with a tricky 416 that wasn't any of the obvious causes.
Motor fan was fine. Duty cycle was fine (65% RMS). Ambient was 24C. Motor was still hitting 416 after about 90 minutes of production every time.
Turned out to be the motor's internal thermistor wiring. The thermistor connector at the motor junction box had corroded ??not enough to open-circuit (which would throw a different alarm), but enough to increase resistance by about 15%. Since the thermistor is a resistance-based temperature sensor, higher resistance = drive thinks the motor is hotter than it actually is.
We measured actual motor case temp with a contact thermocouple when the alarm fired: 78C. The drive was reading it as 135C. Cleaned the connector pins with DeoxIT, crimped new terminals, alarm went away permanently.
Diagnostic tip: if you suspect a false 416, compare the drive's reported motor temperature (parameter 2020 on Fanuc) against an external measurement. If there's more than a 10-15C discrepancy, you've got a sensor/wiring issue, not a real overheat.
Other sneaky cause we've seen: someone replaced the motor cooling fan with a "compatible" unit that spins the wrong direction. The fan housing looks symmetrical but the impeller is directional. Air was blowing OUT of the motor housing instead of pulling through it. Motor ran 30C hotter than it should have. Check airflow direction with a tissue paper strip at the exhaust port.