Well it is a good place for "Show and Tell" but otherwise the bell gets in the way and makes noise in a seaway. Mine stays upside down in a locker with a rag stuffed in it. The only time I bring it out are when anchored in fog or to show the USCG.
If I ever hit the MegaMillion then I guess I would have to mount the bell in a proper belfry so the paid crew member could strike the time and let me know he is awake and hasn't been washed overboard.