Your own travel insurance remains valid for your trip, however if you give your place to someone else, they will likely need to purchase their own travel insurance to cover themselves.
Travel insurance isn't included in the bookings so you'll need to check your own policy wording to ensure you have the right level of cover.
We would also always suggest looking at your travel insurance to see if the reason for your cancellation is covered by your travel insurance provider, however you would only be able to make a claim for cancellation if you cancel your booking, this would not be applicable if you process a name change and transfer your booking to someone else.
If a cancellation is processed, it’s important to retain the email confirmation you receive as proof of the cancellation for any claims or verifications.