The assignment of an owner's policy means to assign the benefits of an already issued policy from the named insured to another party.
The ALTA owner's policy is not assignable.
In this respect, the policy defines an insured as follows:
"Insured": the insured named in Schedule A, and subject to any rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin or corporate or fiduciary successors.
In spite of the above, there are special circumstances or situations under which the Company would be willing to consent to an assignment of an owner's policy.
These special circumstances exist whenever the assignee is any of the following:
- Successor(s) by change of name;
- Successor(s) by dissolution, consolidation, or reorganization;
- Statutory trustee(s) of the insured in the event it forfeits its charter;
- The stockholders of the insured in the event it distributes the property described in Schedule A of the policy to such stockholders.