Ok there are 3 different devices covered by this thread
"Surge Guard" is a brand of 2 or 3 of them.
Autoformers often contain MOV devices designed to clip spikes. the primary purpose of an autoformer is to correct ... generally LOW voltage (one covers high as well) but these MOV's clip spikes.
A Spike is a short high voltage. often as much as a thousand volts. for as little as 1/100th or 1/50th of a second or less.
A true SURGE (like a tidal wave) they sound like firecrackers on July 4 as they blow up (Trust me been there when it happened)
Now a proper "Surge Guard" (By my denfintion) is a device (And Surge Guard makes 'em by the way.. I have one) that monitors voltage. Too high. or low. it cuts you off. From power application it waites a 2-3 mintues before it passes power. it reads amps and volts (on both legs if 50 amp) and otherwise protects you.
That Tidal wave (IE plugging into a 30 amp outlet that's 240 volt) it protects you MOVs just go BANG.
As I said before a burnt ... usually the neutral... on 30 amp plugs.
Very very common. Not an indication of failure. Indicates need for new plug