This is a rivet cap or casing. Most rivets used on beach cats are 3/16" monel rivets. A common use is to attach tangs and other fittings on hollow extrusions (masts). To keep water from going through the mandrel hole on the rivet, most manufactures/ repair guys etc. use rivet caps. It's a little more reliable than a dab of silicone. These go under the hardware and require that you use a 13/64" drill rather than a 3/16". The rivets then go into these caps. I always dab silicone on them before putting them in. Another benefit is that there is aluminum contacting your aluminum mast, and the cap, not the mast will act as the sacrificial anode--sort of.
Hope that helps.