Edison123,
we first have to distinguish between overspeed and runaway speed.
Phenomenon: in case of regulation failure, there are cases when the turbine will pull the generator out-of-phase and accelerate up to a limit speed given by (jet force - frictions and dissipations). This is only a transient because in the meantime other means will provide to brake the turbine (counter-jets).
Runaway: this "ultimate" condition is called "runaway speed" and has to be taken into account for structural matters (both in the turine and in the generator): all elems must withstand the centrifugal forces. It is absolutely normal having a runaway speed of 2.1 / 2.2 times the nominal (i.e. 110% / 120% of "over"). But from an electrical point of view, this is no concern because the generator normally has to be dis-excitated long before...
Overspeed: this is the "electrical" limit at which the generator dis-excitation must occur. That means that, from nominal to "overspeed", the turbine will carry the generator load, and from from "overspeed" to "runaway" it will be "freely rotating". The overspeed normally has to be discussed together with the turbine manufacturer, as setting the "over" too low would possibly lead to accidentally dis-excitate the generator as soon as a single normal regulation transient occurs. If the turbine manufacturer imposes 10% of "over" for overspeed, it means that the servo regulator is possibly not designed to track the transients faster. There is also another compromise: tracking the runner too strictly could possibly lead to oscillations in the penstock / bifurcation / ...