(a) Except as provided in paragraph (c) of this section, each vessel must have sufficient lifeboats or inflatable liferafts to accommodate all persons on board .

(b) Each vessel certificated for exposed waters must have additional inflatable liferafts to accommodate 25% of the persons on board or the number of persons accommodated in the largest lifeboat or liferaft, whichever is greater.

(c) Vessels certificated for protected waters only may carry lifefloats of a combined capacity to accommodate all persons on board in lieu of the lifeboats and inflatable liferafts required in paragraph (a) of this section.