<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2002-05-30</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001065201</issuerCik>
        <issuerName>AMERINST INSURANCE GROUP LTD</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001507961</rptOwnerCik>
            <rptOwnerName>Grayston Stuart H</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>25 CHURCH STREET, CONTINENTAL BUILDING</rptOwnerStreet1>
            <rptOwnerStreet2>P.O. BOX HM 1601</rptOwnerStreet2>
            <rptOwnerCity>HAMILTON</rptOwnerCity>
            <rptOwnerState>D0</rptOwnerState>
            <rptOwnerZipCode>HMGX</rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <ownerSignature>
        <signatureName>Stuart H. Grayston</signatureName>
        <signatureDate>2010-12-29</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Robert H. Arzonetti, Esq., Attorney-In-Fact</signatureName>
        <signatureDate>2010-12-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
