PHRF Ratings
If you've checked the Chesapeake Bay PHRF list you can see the Hunter 240 isn't listed but Hunters of similar size are rated in the 230-250 range. I raced a cruising rigged Shoal Draft Hunter 25 at a rating of 234 and I now race a deep keel Hunter 28.5 rated at 174. I've found the Chesapeake area PHRF ratings fair and accurate to the performance of both boats. I would emphasize that the aparent differences between boats that sail to their ratings and those that don't is usually a difference in preparation. Keep your boat and sails in good condition, including maximum jib size, a smooth clean faired keel & bottom, a folding prop (if applicable)etc. Spend your time and money on keeping the sails in good shape; maybe use a hard vinyl racing (wet sanded) bottom paint. Work on sail trim, particularly in light air and learn how to read the tidal currents and you won't need to waste your time trying to 'protest' a rating.