Maybe not logic board failure specifically, but I see the possibility of my laptop dying as much more likely than it getting lost or stolen. And it's usually possible to extract a working SSD out of a dead laptop.

I suppose you could also repair the computer if the full logic board hasn't died, but that may not be worth it if the laptop was purchased a while ago, especially given how unrepairable these devices are. And depending on how Apple decides to go about the repair, they may end up not retaining your anyway, even if they could have.