Most major races require liability insurance which does not cover collision or damages, that is separate.
Whoa! The P&I (Protection & Indemnity) section of your "marine" insurance covers damage from collision. Usually there is a separate deductible for racing claims. Maybe it is a case of not having the right insurance and why it is so important to go with a US Sailing endorsed or similar underwriter.
Whatever the case, if there is not mutual agreement on fault when paint is traded, you'll most likely have to pay for your boat because the claim would be too small for the the insurance company to start litigation proceedings.
