An insured's personal umbrella policy is structured to provide coverage for some claims that are NOT covered at all by the underlying PAP or HO policies, subject only to a Self-Insured Retention. Which classification BEST describes this umbrella?

Why this is the answer

Personal umbrella policies come in three flavors. (1) Pure follow-form umbrellas mirror the underlying PAP/HO exclusions and conditions exactly — they only add limit capacity above underlying. (2) Excess-only umbrellas pay only after the underlying limits are exhausted on a claim that is itself covered below. (3) Drop-down umbrellas — the answer here — broaden coverage to include certain risks the underlying policies exclude (e.g., personal injury like libel/slander, or worldwide bodily injury), and for those broadened claims the insured pays a Self-Insured Retention (SIR), typically $250-$1,000, in lieu of an underlying limit. The ISO Personal Umbrella Liability Policy (DL 98 01) works this way: its 'retained limit' is the underlying limit, or the deductible shown in the Declarations when no underlying insurance applies.