Insurance Glossary
Vacation Rental Insurance policies can contain technical industry terms that make reading a challenge. To avoid confusion, the carrier as created the following list of definitions for a number of industry terms and phrases.
The following definitions are provided for informational purposes only. Please refer to your Vacation Rental Insurance Policy or Certificate of Insurance for definitions and coverages specific to your Policy/Certificate.
Pet Fee
If a lodging property allows guests to bring pets, they may charge a fee, usually daily, for that privilege. Generally guests are also responsible for any damage they may cause.
See also: Pet Friendly, No Pets, Pet Deposit, Pet Penalty Origin: Vacation Rental Association
Pet Friendly
A lodging unit which allows pets in the facility and on the grounds. There is often a deposit and/or a daily fee for allowing pets.
See also: No Pets Origin: Vacation Rental Association
Pet Penalty
When a guest brings a pet to a facility designated as No Pets, a penalty fee is charged. To discourage unapproved pets, pet penalties are usually significant and utilized to retreat a room to counteract the presence of the pet and provide additional cleaning.
See also: Pet penalty, Pet Friendly, No Pets Origin: Vacation Rental Association
Pool Fee
A certain amount above and beyond the rental rate charged to renters wishing to use the heater on your pool or hot tub.
Origin: Vacation Rental Association
Property
A hotel, motel, inn, lodge, vacation rental or other accommodation facility.
Origin: Vacation Rental Association
Property Manager
A person or company who manages real estate including commercial, residential and other properties. Should not be used for people who manage vacation rentals, as those should be called "Vacation Rental Managers" or "Lodging Managers"
See also: Vacation Rental Manager, Lodging Manager, Absentee Vacation Rental Manager, Corporate Vacation Rental Manager Origin: Vacation Rental Association
Property Survey
A periodic inspection of a property, usually twice a year but can be more or less often. The purpose is to determine what housekeeping, repairs or maintenance a property should have completed. These include high priority items for safety purposes, to preferred maintenance for guest comfort to recommended improvements that might increase rates or occupancy.
See also: Maintenance, Repairs, Housekeeping Origin: Vortex
Re-Sellable
When a booking for lodging property is non-cancelable it may instead, be re-sellable. In that case, an owner or manager agrees to attempt to resell a guest's booked dates and, if successful refunds the guests payment usually less a fee for the resell process.
Origin: Vacation Rental Association
Referral
A booking that results from the referral of a friend, neighbor, or past renter.
Origin: Vacation Rental Association
Refund
A payment to the guest for amounts paid toward lodging property bookings and after charges for rent, services, fees or other charges. A common type of refund is for the return to guest of a security and damage deposit they have paid.
Origin: Vacation Rental Association
Rent By Owner
A property that is rented directly from the owner, rather than through a property management firm. Also refers to websites which offers homes directly from owners.
See also: Direct Marketing terminology, Client, Owner, Target, Lead, Complex, Hijack Origin: Vacation Rental Association Link: VRIA.org
Repair
The work necessary to return property, equipment or amenities to their original condition to do damage caused by owner, guest or other situations. Usually charged to the person responsible for the damage.
See also: Maintenance Origin: Vacation Rental Association
Rescheduling
When a guest or the lodging provider reschedules already booked dates for lodging or other travel services. The travel provider may not always be capable of changing dates and to do so may be limited or prohibited by the prior booking contract. If allowed, often there is a fee for rescheduling.
Origin: Vacation Rental Association
Reservation Fee
An additional charge assessed by owners and managers for completing paperwork, handling credit cards, arranging housekeeping and coordinating a lodging property rental.
Origin: Vacation Rental Association
Reservation Systems
Computerized systems leased to travel agencies offering airline, hotel. Car rental and selected tour availability and bookings. Systems are affiliated with major carriers, including American (Sabre), United (Apollo), Eastern (System One), TWA (PARS), and Delta (DATAS II) and feature flight schedules of the sponsoring and other carriers, plus additional travel products.
Origin: Vacation Rental Association
Room
Commonly referred to a sleeping space usually with a single room unless otherwise specifically indicated.
Origin: Vacation Rental Association
Room Blocks
Several rooms held for a group.
Origin: Vacation Rental Association
Rustication
Vacation in a rustic, rural or remote Inn, Lodge or Resort
Origin: William May Link: Rustications.com
Security Deposit
A payment guests make to property owners or managers to pay for any damage or overage fees they may incur. Not common in hotels or motels but more common for vacation rental cabins, condos and homes. If a guest incurs such charges they are subtracted from the deposit prior to its return. Sometimes called a Damage Deposit.
See also: Damage Deposit, Deposit Waiver Origin: Vacation Rental Association
Seniors
Travelers over a certain age, usually 55, who receive certain benefits not afforded to the general public, such as discounts, early entry or other privileges.
Origin: Vacation Rental Association