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Why do most shipowners have their ships classed with a classification society?

Primarily to provide information on the technical condition of the ship to their insurance underwriters, who usually insist that the owner gives a warranty that the vessel will be maintained in class. P&I club rules also require entered ships to be classed. Classed ships generally find cargoes, charters, purchasers and finance arrangements more easily than unclassed ships. Cargo insurers often insist on the cargo being carried by a classed vessel.

Written by Master

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Is there any link between ship classification and statutory certification?

Is classification a statutory requirement for a ship?