The Impact of Classification Societies on Superyachts

08/23/23 • 41 min

Do you understand the vital role that classification societies have in securing safety in the construction of superyachts? If you're an owner, chances are you don't, and that's a mistake. Even with smart advisors around you, it's crucial that you educate yourself and therefore avoid making expensive mistakes by opting out of classification society recommendations.
This episode of the Yacht Law Podcast unveils the integral functions of classification societies in the yachting world. Join us, as we put the spotlight on esteemed bodies including the American Bureau of Shipping (ABS), Registro Italiano Navale (RINA), Lloyd's Register, and Bureau Veritas. We also shed light on how a society's reputation can either bolster or tarnish its industry standing, and why the top classification societies are held in such high esteem.
The conversation takes an intriguing turn as we examine why superyacht owners have bypassed building to class and the repercussions of this decision. We'll probe the part surveyors play in guaranteeing owners get the vessel they paid for, too. Moreover, we delve into the chilling account of the OceanGate sinking, a submersible whose builder deliberately chose not to construct it to class standards, and how it has cast a shadow over yacht submersibles.
Whether you are a yacht enthusiast or an industry insider, this episode will satisfy your curiosity and enrich your knowledge.

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The Yacht Law Podcast - The Impact of Classification Societies on Superyachts

Transcript

Speaker 100:00:43.505

Welcome everybody . Michael , how are you doing today ?

Speaker 200:00:46.120

I'm doing great . I'm looking forward to today's session .

Speaker 100:00:50.484

Yeah , I am too . You know . The idea for this partly came from a really interesting press release that we received . That , you know , kind of caught us by surprise . It was fro