Is it possible to assign a policy to another person?

A property insurance policy typically includes provisions regarding assignment, which is the process of transferring rights and obligations under the policy from one party to another. The correct answer highlights that in most cases, it is necessary to obtain written consent from the insurance company before assigning a policy to another person. This requirement ensures that the insurer is aware of and agrees to the change in parties responsible for the policy, thereby managing their risk.

Insurers often want to maintain control over who holds their policies, as they may have specific underwriting standards and assessments that apply to the original policyholder. Allowing assignments without their consent could lead to situations where the insurer is exposed to undesired risk, or where the new policyholder does not meet the necessary qualifications to hold the coverage.

Written consent serves as a formal agreement that protects all parties involved, ensuring that the new policyholder is eligible for the coverage and that there are no misunderstandings regarding the terms of the policy.