The surveyed Class rating attributed comes from the set of rules adhered to when a vessel is designed, built and surveyed during its operational life. These rules mitigate risk and provide regulators, owners and insurance companies with a comfort level as to the standard of design and build.
The rules are administered by independent classification societies ( BV, Lloyds Register, ABS, DNV to name a few) that survey during construction. The classification society’s surveyor ensures the approved Class rating is adhered to during construction and hence assures the quality and standard of those aspects class covers by its rules or on behalf of the flag authority. The society charges a fee for their surveyors to provide this service and this is usually borne by the builder.
To maintain the classification rating, there is a further requirement for subsequent surveys during the life of the vessel and the cost of maintaining the vessel to the survey level should be factored into the purchase and sale decision.
The achievement of a classification provides additional value to the vessel and is usually not something that can be applied to an existing vessel/ship without significant impact.
Buyers should consider if this classification certification is a requirement for their particular needs. Classification is particularly valuable where an owner wishes to sell in the global market. Other country’s authorities (Flag state) HAVE GREATER ACCEPTANCE OF VESSELS BEING INTRODUCED INTO SERVICE IN THE COUNTRY when the vessel has classification certification. The reason is that the quality of the design and build have been checked by an organization with world recognised rules and regulations.
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We have brokered the sale of marine businesses and boats worldwide for over 15 years. Director Neil Houlahan shares 5 things that will make the process easier and put more money in pocket when it comes to business sale.