Protect Item is a prayer in both the standard prayer list and the Ancient Curses. When it is active, the user will keep one extra item if they die. This means that if the player is skulled, they will still keep one item, and if they are not skulled, they will keep four items.

Do you lose all items when skulled?

A maximum of five items can be saved by using the protect items prayer and a portent/sign of item protection unless on a high risk server. However, players who are skulled will lose all items by default.

How do you protect Untradeable items Osrs?

A Trouver parchment can be applied to certain untradeable items to prevent them from being destroyed above level 20 Wilderness.