For starters, the protest has nothing to do with an insurance claim although it is never a bad idea in this regard. A protest committee NEVER assigns "fault". Protest committees only assign penalties as it relates to breaches of the rules. The fact that this may or may not affect or influence the decision of an insurance company is completely arbitrary.
Protest Committee (in the USA) does not adjudicate any claim for damages (see USS Prescription 67(b)). However, "by participating in an event governed by the rules, a boat agrees that responsibility for damages arising from any breach of the rules shall be based on fault as determined by application of the rules...". See USS Prescription 67(c).
Because an insurance company cannot apply the rules without knowing what happened, it is vitally important to have a protest hearing that provides finding of facts.
Because you cannot depend on an insurance company knowing anything about the rules, it's vitally important to have a protest hearing to apply the rules and determine fault.
So yes, protest committee does determine "fault", and yes, that determination directly affects an insurance claim.
