Sorry, thought to mske a few more points. First - who is the state or federal agency that regulates AwardGuard? Since they are in the insurance business, they must be regulated - are they? Secondly, I thought insurance programs HAD to furnish proof of ability to cover claims and/or financial background - shouldn't that agency have it? I would first find out which agency has knowledge of and responsibility for AwardGuard before proceeding further. That's only prudent.

Another thought - people who have 'peace of mind' under this program may choose to allow lots of miles to pile up in their account on one airline, seemingly secure with the coverage - a behavior they might adopt BECAUSE of the insurance, not the other way around. That to me would be the true cost of a potential failure of AwardGuard to protect the miles - you could have used those miles instead of saving them based on thinking they were safe.

So the true cost of that measly $200 could be a lot more than you think.