
These speedometers measure water pressure ramming into the front of your lower unit. There is a little intake hole there where the water enters. Running into any weeds, plastic, etc can block or plug the hole. Not really a warrantee issue at all.
Disconnecting the tube and blowing back through it will usually clear the blockage. Use mouth pressure, or low pressure from air compressor or bike pump (less than about 25psi). If that doesn't do it, you might need a small wire to fish out the hole.
Here is a lot more information specific to your engine:
http://www.marineengine.com/boat-forum/showthread.php?386442-etec-115-speedometer
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"Knot Easy" 2000 Horizon 240 Volvo 5.7GS /SX
tow: 2017 Honda PILOT EXL-AWD
prev. boats:
'87 Chaparral 198CXL 4.3 OMC Cobra
'69 Jetstar 16ft Ski Boat, 115hp Yamaha
'68 Aluminum Jon Boat, 3hp Sears
'64 Water Wings