(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.