Here is a relevant article... pointing out that Eric is probably legally correct: http://www.sailingscuttlebutt.com/news/04/0111pera/ It is an older article but I assume the recent colreg change helps clarify that.

Also for Canadian sailors: http://www.sailing.ca/files/racing/regatta_organization/Collisionsfinal12_31_07.pdf

So, given my experience with multiple insurance companies, and local law enforcement, and the number of discussion threads and articles... this is clearly not clear