I have no clue what program CG normally uses as it is not stated, but many of us are in different situations to others. Joh and I for instance, like all United 1Ks each get 6 x SWU upgrade certs valid for a year on LH flights.

So, even if UA did go belly up this afternoon, and the AwardGuard was activated, there seems nothing to preclude buying 5 or 6 or more round trip coach tickets from USA-Europe or V/V on Lufthansa, thus readily staying within the $7,500 per person cap, and standing by for ugpgrade on flight day.

As 1K SWU's are fully transferable, I suspect we would never be short SWU in that event for the next year.

No idea how AwardGuard allows one to "spend" the $7500, i.e. it if allows one a specific airline choice. If I wanted to use the $7500 for ten (or less) x $750 LH round trips USA-Europe for example, and nominated LH as the sole carrier only, I assume that is OK? Even if another carrier may be lower priced, one imagines it is the flyer's choice within reason as it is 'your' money being spent??

As one does not have to be a 1K to use a SWU, I imagine ANYONE who needed them in the case of a UA demise could readily source them via Coupon Connection. There would be a lottttttttt spare in that case.