Section 1.03-10 - Definition of terms used in this subpart(a) The term recognized classification society means the American Bureau of Shipping or other classification society recognized by the Commandant.(b) The term new vessel means:(1) For vessels which require a Certificate of Inspection, a new vessel is a vessel which has not received an initial Certificate of Inspection.(2) For vessels which do not require a Certificate of Inspection, a new vessel is a vessel which has not received a Load Line assignment.(c) The term existing vessel means a vessel which is not a new vessel.