Va. Code Ann. § 18.2-150

If any person willfully scuttle, cast away or otherwise dispose of, or in any manner destroy, except as otherwise provided, a ship, vessel or other watercraft, with intent to injure or defraud any owner thereof or of any property on board the same, or any insurer of such ship, vessel or other watercraft, or any part thereof, or of any such property on board the same, if the same be of the value of $1,000 or more, he shall be guilty of a Class 4 felony, but if it be of less value than $1,000, he shall be guilty of a Class 1 misdemeanor.