As a British Registry, the governing law is essentially English maritime law that takes into account its application as relevant to the Cayman Islands (a separate jurisdiction from the UK).  English maritime law is well understood, is widely used in maritime affairs including claims, arbitration and settlement of disputes, and can therefore be a beneficial jurisdiction under which to flag a vessel.  Where the governing law in any maritime contractual agreement is cited as English law, matters pertaining to that agreement may be heard in the Cayman Islands admiralty court as effectively as in London.