Here's my ideas for the reaper flag that will promote more pvp action for those who want it.
Only one reaper per server.
If nobody has the reaper, it can be found in the skull fort loot room.
It must be carried to the ship like a treasure.
It can be placed anywhere on the ship.
It can be stolen and carried away.
It always shows on the map even when nobody posseses it.
The crew with the reaper gets double gold and rep for voyages.
The reaper crew can not be in an alliance.
When the reaper ship is sunk, the reaper floats like a treasure until it sinks.
If the reaper sinks and despawns, it's gone until the next skull fort where it respawns in the loot room.
When the reaper is placed on the boat, the reaper flag is automatically displayed on the mast.