Our Guard Mutual Limited ACN 652 207 808 entity is a Public Company Limited by Guarantee.
Our Guard Mutual is collectively owned by its Members.
Our Guard Mutual provides Discretionary Risk Protection only to its Members.
The Our Guard Board provides oversight of operations and acts in the best interests of the Members.
The Board is comprised of non-executive independent Directors, Member representatives and manager representative Directors.
For more, read:
- The Our Guard constitution
- About the Board.
The data that you would normally collate for your previous insurance renewals is required to obtain a quote.
This includes previous renewal data, claims history and your schedule.
This can be provided directly to the Our Guard Team, or via your broker.
Get a quote
The Our Guard Financial Lines Solution is formed by two complementary products:
1. An Insurance Policy underwritten by Lloyd’s insurers
- This Policy includes a $250k Deductible + the Member Excess (the amount of your previous Deductible).
- Therefore, the overall deductible amount is designed to lower the cost of the policy, compared to your previous insurance structure.
2. Risk Protection
- Risk protection has been designed for claims that are below the Insurance Policy Deductible or, to reimburse the Deductible amount.
- Risk protection is not insurance; therefore, stamp duty does not apply.
Any surplus after claims and fees are paid is retained for the benefit of Our Guard Mutual Members.
Fewer claims increase the surplus. This surplus can be used to expand cover or be offset against future prices
Your quote will be provided to you with two components, one each for the Insurance Policy and the Risk Protection.
Once you have accepted the quote for the Solution (ie. both parts), you will be invoiced for each component and then be a registered Member of Our Guard Mutual.
Where your broker has negotiated terms on your behalf, they will invoice you directly for your insurance policy (and risk protection, where they are able to).
Schedules are issued upon the payment of the invoice.
For all claims, both the insurer and the Mutual will be notified.
The insurer’s claims management company will handle your claim. During the claims process, you or your broker must keep the Mutual informed of progress.
Keeping the Mutual informed of claim progress ensures that:
- If you are required to pay the Insurance Policy Deductible, the Mutual is aware that an application for its reimbursement will be made. Reimbursement of the deductible is subject to the Discretion of the Our Guard Mutual Board.
- If your claim falls below the Insurance Policy Deductible, then Our Guard Mutual can efficiently take over the handling of your claim. Resolution of claims that fall below the deductible are subject to the Discretion of the Our Ark Mutual Board.
The Our Guard solution consists of two complementary products:
- The Insurance Policy is underwritten by Lloyd’s insurers, which is authorised by APRA.
- The Insurance Deductible Protection is provided by Our Guard Mutual.
Our Guard Mutual is regulated by ASIC. As a Discretionary Mutual, the product it issues is Risk Protection, not Insurance.
Mutual Capital Instruments were introduced to the Corporations Act (2001) in 2019. They allow a Mutual to raise funds and issue shares to complement their capital base, without affecting the collective ownership of the Mutual.
MCIs and MCI Holders' rights are outlined in the company constitution.
MCI holders may receive a return on their investment in the form of dividends paid out of the surplus of Our Guard, at the discretion of the Board.
On redemption or windup, MCI holders do not receive more than the principal amount invested.
The surplus funds of Members must be applied in accordance with the constitution. MCI holders do not have voting rights unless they are also a member. Each member has only one vote.
No. Our Guard Mutual is collectively owned by its customers, who are Members of the Mutual.
The Our Guard Team has worked with COBA to understand the industry and has attended COBA events.
COBA is an important part of the Customer-Owned ADI ecosystem.
Picnic, the Mutual Manager of Our Guard, as appointed by the Board, is a Member of the BCCM (The Business Council for Co-ops & Mutuals).
The registered business address for Our Guard is Level 4, 11-17 York Street, Sydney NSW 2000.
The Our Guard Team, the Board, and Picnic as the Mutual Manager are remote-first teams.
Team members are currently located in QLD, NSW, VIC, and WA.
The remote-first team, and the use of Picnic as the Mutual Manager, enables Our Guard to operate on a fair cost basis which maximises the potential surplus for Members.
Risk Protection is an alternative to insurance that can only be offered by Discretionary Mutuals.
Under an Insurance Policy, the protected organisation (the insured) has the contractual right to have their claim paid, if it meets all the terms and conditions.
With Risk Protection, the protected organisation (the Member) has the right to have any claim considered by the Board.
The Board has discretion over every claim.
This enables the protected organisation (the Member) to request the Board consider any claim, whether it meets the terms and conditions of the Risk Protection Product Disclosure Statement, or not.
The Board is legally required to act in the best interest of the Mutual and its Members when considering each claim, and for the application of its discretionary decisions.
You will pay a Premium for your Insurance Policy.
You will pay a Contribution to the Mutual for Risk Protection.
These amounts will be indicated on each component of your quote and invoice.
A surplus, in the context of Mutual, refers to the excess funds remaining after all claims and expenses have been accounted for.
Surplus is utilised to benefit Members, including:
- to reduce contributions for members.
- to enhance benefits for members, such as increasing protection or adding new features.
- to improve the quality and accessibility of services provided to members.
- to invest in risk management strategies to mitigate potential future risks and ensure the long-term sustainability of the fund.
- provide Member education e.g can be used to educate members about risk protection, helping them make informed decisions about their protection needs and coverage options.
A Deductible is the amount that must be paid by the organisation before the Insurance Policy starts to pay for covered claim expenses.
A Member Excess is the amount that you are accountable for in the event of a claim under your Discretionary Risk Protection product, and this the amount that you must first pay in the event of a claim.
The Our Guard Financial Lines Solution Insurance Policy has a Deductible which is the sum of the Insurance Policy Deductible and the Excess under your Discretionary Risk Protection.
For example, your Insurance Deductible is set at a minimum $250k, and your Member Excess is $50k, then your Total Insurance Policy Deductible will be $300k.
As an Our Guard Member, in this example your organisation can request the Board to consider reimbursement of the $250k Deductible.
The $50k Member Excess is a non-reimbursable expense.
The Our Guard Team is your first point of contact for any question or concerns.
We will seek to respond to you as soon as possible. Where matters are complex, this timeline will vary, and you will be kept informed as investigations and resolutions are determined.
If you wish to dispute a claim decision under the Risk Protection for:
- A small claim
- Reimbursement of the Insurance Policy Deductible
Please contact the Our Guard team in the first instance by sending a written submission asking for the Board to reconsider their decision.
If you are not satisfied with the decision or, if the complaint remains unresolved, you may refer to our Internal Dispute Resolution team.
All complaints and reviews are guided by the principles of good faith, equity, and merit.
If you are not satisfied with the outcome of your complaint , or you have not been informed of progress towards resolution within 30 calendar days from the date we first received your complaint, you can contact the Australian Financial Complaints Authority (AFCA).
AFCA is an external complaints resolution scheme approved by ASIC to provide free advice and assistance.
Australian customer owned authorised deposit taking institutions (ADIs) are eligible for to be a Member of Our Guard Mutual.
This includes customer owned banks, credit unions and building societies.
Our Guard's capital base is a combination of Mutual Capital Instrument (MCI) and retained earnings from Member contributions.
The Member Excess is part of the Discretionary Risk Protection product.
This may be equal to the deductible your organisation held on its previous insurance policies, or another amount that is agreed during your quoting process.
The Member Excess is not eligible to be considered for reimbursement via the Risk Protection and is a cost to the organisation on each claim made.
The Our Guard Financial Lines Solution comprises of two complementary products.
The Insurance Policy is a contract of insurance; thus, claims are paid in accordance with that contract.
It is underwritten by the Lloyd’s markets authorised by APRA.
By 2021, there had been 15 quarters of price increases for Financial Lines insurance. While cost increases may have slowed, the previous price increases have placed significant financial burden on the customer owned ADI community.
At the same time, the customer owned ADI community had a low claims ratio, meaning that these price increases amounted to increased profit for Insurance Companies.
The Our Guard Solution is designed to bring some price relief in the form of the Insurance Policy with a larger Deductible. This provides Our Guard Members with the certainty of Insurance for large claims and leveraging Risk Protection for smaller claims or Insurance Deductible reimbursement.
Our Guard Mutual is not for profit, meaning that any surplus from contributions paid, after fees and claims are paid, is kept by the Mutual for the benefit of all Members.
.svg)
Terms of UseFinancial Services GuideGENERAL ADVICE WARNING
Our Guard Mutual Limited ('Mutual') is managed by Picnic Services Pty Ltd ACN 638 145 418 ('Manager') an Authorised Representative (AR No: 1300248) of Picnic Licensing Pty Ltd (AFSL No: 532540). Any advice provided about any products is of a general nature only.It does not take into account your personal circumstances. Please read the Product Disclosure Statement (PDS) and Financial Service Guide to see if these products are right for you.
