UK Accounting Glossary
A description of property or a person that is in the best condition.
Pertaining to a description of property or a person that is in it’s best condition.
In marine insurance, before a vessel may be insured, it has to be inspected to confirm it’s condition.
If it’s “maintained in good and efficient condition” it will be graded in the Lloyd’s Register as “A” grade and if the anchor moorings are in the same condition the numeral 1 is added.
So as per the Lloyds Register of shipping, an A1 ship is of the highest quality or in excellent condition. The classification is derived from the original grades given in letters for the state of a ship’s hull and a grade given in numbers for the condition of a ship’s mast and rigging.
This description is also used in life assurance policies, in which premiums are largely based on a person’s health.
After a medical examination, a person in perfect health is described as (an) A1 (life).
All values relate to showroom prices for vehicles in A1 condition.
The appraisers all agreed that the comic books were of A1 condition.
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This glossary post was last updated: 4th May 2019.