Special update: Coronavirus and the market
As concern about the novel coronavirus (COVID-19) outbreak escalates both locally and worldwide, we at Macnaughton & Ward Financial Services Ltd. (MWFS) would like to emphasize a strong focus on the safety and health of our employees, clients and partners.
We have activated our Emergency Response Plan to ensure MWFS has the ability to operate during normal business hours. While we are being diligent about preparing for unforeseen events, we recognize a possibility that the situation may escalate before it settles. Our team is continually monitoring updates from the World Health Organization, the BC Centre for Disease Control, local government public health services and other credible sources.
The Effect on The Market
We are in extraordinary and unprecedent times. This time is different from our prior history with recessions. Previous recessions come to be following an excess of some sort of credit, over-consumption, or excess capacity. Rarely do expansions (11 years) merely come to an end. Policy makers had a playbook in terms of what monetary and fiscal tools could be used. Yet, the cause of this recession we are entering, is biological and therefore, something completely different.
Over the coming weeks, MWFS will regularly share market insights with clients to help navigate these difficult times. Please refer to our communications:
Are you planning to travel or returning from a trip?
Travel Insurance - Global Affairs Canada has issued a Global Travel Advisory to avoid non-essential travel outside of Canada until further notice.
How this may impact your policy - Travel insurance is intended to cover losses arising from sudden and unforeseable circumstances. Any claims resulting from events known to a policyholder when purchasing insurance are not covered.
For further MWFS updates on COVID-19, you can always check back here at mwfs.ca/covid-19 or visit the BC Centre for Disease Control.
Remember, we are in your corner and will continue to be your insurance and financial resource. We are taking this seriously and being thoughtful in the process for what we hope will be under control in the not to distant future.
Note: Information is subject to change without warning, as the situation evolves.
Updated: March 19, 2020