Which criteria qualifies a person as an exempt commercial purchaser?

A person qualifies as an exempt commercial purchaser primarily because they employ a qualified risk manager. This means that the entity has the resources and expertise to analyze and manage its own risks more effectively than a typical buyer would. Employing a qualified risk manager signifies that the business has the capability to evaluate various insurance products and determine the appropriate coverage for their specific needs, allowing them to engage in surplus lines insurance transactions that might not be available to those lacking similar expertise.

While factors like net worth, annual revenue, and insurance premium payments are important in evaluating businesses, they are not the definitive criteria for being classified as an exempt commercial purchaser. The presence of a qualified risk manager is what distinctly allows the business to operate outside the usual restrictions and regulations applied to standard insureds, thus enabling them to procure surplus lines insurance more easily.