I've never seen, or heard of, a V11 with less than 5 relays. The Sport1100 (carbs) definitely has 3, not sure about the pre-V11 injected Guzzis. Post a pic of under the seat on that "3-relay" V11 and we can check it out . . .
Read up on the relays. There is no reason on earth, at this point, to fall into a relay failure. They have been quite common. Why? Because so many relays simply are not up to the current requirements. Sure, there (may be) guys still running their original Seimans. But why take the chance? Run the Best Relays (they're pretty much the same money):
http://www.v11lemans.com/forums/index.php?showtopic=19755&page=5&&do=findComment&comment=216605