AwardGuard was one of the benefits under the PrivilegeFlyer membership.
The AwardGuard benefit protects any unused miles/points or award you have in a program covered under this service. Coverage is effective if that program goes completley out of business and is not taken over by any other frequent flyer program.
HOWEVER....
As of March 26th 2003, AwardGuard was suspended to new members. Current members will continue to be covered by AwardGuard with no interruption of service.