Negotiations are not only for commercial and business deal. High stake negotiations involve precious human life and negotiators take this task, where the counterparty is given and you don’t have a choice not deal.

Collin is a British journalist, who brings out the rescue story of hijacked ship and their crew, who were forgotten by ship owners because of lack of funds or no kidnap and ransom insurance. Key lessons from the ransom negotiation..

• Reputation – Once the ransom is settled and dropped (literally through choppers), money counted. Hijackers release to maintain their business reputation. Else, who we negotiate. They stick to bargain
• High first offer (opening demand) normally countered by low bid
• The more adversarial group of pirates, torture hostages to drive up ransom (Signaling)
• Patience and Time is the virtue
• Public appeals increase the ransom.
• Negotiators start with rapport building exercises to build trust, before getting down to business
• Manage their expectations and cut an expense deal
• Proof of Life
• Deal directly and avoid intermediates.
• Authenticate before negotiations
• Involve kidnap response consultant
• Never tell how much money you have or K&R insurance exists
• Verify the sources of cash (Never offer money which you don’t have)
• Keep the conman out of loop
• Draw up a contract
• Decompress the hostages post release
• Never be disrespectful or be angry with counter party

It is said between 2010-2012, Somali pirates collected $500 million of ransom. Even Harvard Business school’s students voted it the business of year.