As consumers deal with the fallout from the recession, some are cutting back on coverage when insuring non-essential luxury items such as boats and other recreational watercraft--a short-sighted step that could come back to haunt them, carriers warn.

Learn how this Birmingham, Ala.-based agency became a major player in the risk management business.

To find out more about the surge in recent pirate attacks and related insurance implications, Claims spoke with Howard Mills, Deloitte's chief insurance advisor and former New York State insurance superintendent.

Education and preparation are essential for insurers and other companies seeking to protect themselves against multimillion-dollar privacy and data breach risks, a panel of experts said.