Which party may assign a standard property policy?

In the context of a standard property policy, the correct response is that the insured may assign the policy with the prior written permission of the insurer. This principle is rooted in the notion that an insurance policy is a contract that is personal in nature, meaning it involves a specific relationship between the insurer and the insured.

When the insured wishes to assign the policy, they must obtain prior written consent from the insurer because the insurer has a vested interest in the risks they are underwriting. This requirement helps ensure that the insurer is aware of who is holding the policy and can evaluate the risks associated with that individual or entity. Additionally, the insurer has the right to assess whether the new party has an acceptable risk profile and maintains the conditions of coverage.

This assignment process protects both the original parties involved in the contract and the insurer from potential complications that could arise when changing the key parties in the policy. By requiring the insurer's permission, it helps maintain the integrity of the original terms agreed upon and ensures continuity in the insurance coverage.