law: Marine Insurance Act, 1963 
  52. When and how policy is assignable 
  (1) A marine policy
  
  may be transferred by assignment unless it contains terms expressly prohibiting
  
  assignment. It may be assigned either before or after loss.
  (2) Where a marine policy
  
  has been assigned so as to pass the beneficial interest in such policy, the
  
  assignee of the policy is entitled to sue thereon in his own name; and the
  
  defendant is entitled to make any defense arising out of the contract which he
  
  would have been entitled to make if the suit had been brought in the name of
  
  the person by or on behalf of whom the policy was effected.
  (3) A marine policy
  
  may be assigned by endorsement thereon or in other customary manner.