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Whether you're reviewing your current program or exploring an alternative approach, we can walk you through how Our Guard is structured and what it covers.
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Working with Our Guard
Our Guard supports customer-owned banks across Australia through a coordinated model that combines mutual governance with insurance and claims expertise.
Members benefit from a structure that is designed to respond consistently, with clarity around how support is provided across both the mutual and insured components.
Members benefit from a structure that is designed to respond consistently, with clarity around how support is provided across both the mutual and insured components.
Ema Ekic
Head of Sales
Frequently Asked Questions
Straightforward answers to how Our Guard is structured and how it works in practice. Need more detail? Start a conversation.
How do deductibles and the member excess work?
A deductible is the amount that must be met before the insurance policy responds to a claim.
Under the Our Guard model, the total deductible is made up of two components:
- the Insurance Policy Deductible, and
- the Member Excess under the Discretionary Risk Protection
The Member Excess is the portion retained by the member on each claim and is not eligible for reimbursement.
The remaining portion of the deductible may be considered for reimbursement by the Our Guard Mutual, at the discretion of the Board, depending on the circumstances of the claim.
Is Our Guard Mutual not for profit?
Yes.
Our Guard Mutual is a not-for-profit entity owned by its members.
Any surplus generated, after claims and expenses, is retained within the Mutual for the benefit of members.
This may support future pricing stability, enhanced protection, or broader member outcomes over time.
How are claims handled?
Claims are managed by an independent claims administrator, supporting both the insurance and mutual components of the solution. This ensures a consistent and coordinated approach across the full claim lifecycle.
Where a claim exceeds the insurance deductible, the insurer manages the claim in accordance with the policy.
Where a claim falls below the deductible, or where deductible reimbursement is sought, the Mutual may consider support, with outcomes determined by the Board in line with the Mutual’s framework.
Why are there two products in the solution?
The Our Guard Financial Lines solution combines two complementary components:
- an Insurance Policy provided by Lloyd’s insurers
- Discretionary Risk Protection provided by the Mutual
The insurance policy responds to covered losses in the usual way, while the Risk Protection is designed to:
- Support claims that fall below the insurance deductible, or
- Reimburse all or part of the deductible, subject to Board discretion
This structure allows members to retain a consistent position on each claim, while reducing volatility and improving overall cost stability over time.
Who is eligible to be a member of Our Guard Mutual?
Membership is available to Australian customer-owned authorised deposit-taking institutions (ADIs). This includes customer-owned banks, credit unions and building societies that align with the Mutual’s purpose and structure.
What is Our Guard Mutual?
Our Guard Mutual is a member-owned risk protection structure designed specifically for customer-owned financial institutions.
It operates as a Public Company Limited by Guarantee and is collectively owned by its members.
The Mutual provides Discretionary Risk Protection, supporting members in managing certain losses and deductible exposures.
The Our Guard Board oversees the Mutual and makes decisions in the interests of members, drawing on sector knowledge and governance experience.
