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.

No Smoking

In most jurisdictions, guests are not allowed to smoke in properties or anywhere inside the buildings. Usually there are rules that prohibit smoking within a certain distance of the building or its entrance ways or that prohibit smoking anywhere on the grounds. Most owners of lodging facilities prohibit smoking anywhere on the grounds or in the building
See also: Smoking Penalty Origin: Vacation Rental Association

Occupancy

A percentage indicating the number of nights sold (compared to number available) in a hotel, resort, motel, or vacation rental facility or destination.
Origin: Vacation Rental Association

Occupant

A person of any age who enters a lodging unit at any time; or enters the property or resort on which it sits. Includes overnight guests but also drop-in visitors.
Origin: Vacation Rental Association

Order (Booking)

When a guest makes a booking online it is referred to as an Order until such time as a staff member accepts and confirms it. The software uses this word as a Booking Status.
See also: Abandoned, Aborted, Blocked, Cancelled, Confirmed, Hold, Incomplete, In Error, Out of Service, Quoted, Unblocked Origin: Vacation Rental Association

Out Cleaning

Vacation rental homes are usually cleaned after the guest departs, this is referred to as an Out Clean. Usually there is a one time fee for this service.
See also: Out Cleaning Fee, Interim Clean, Housekeeping Origin: Vacation Rental Association

Overages

Charges to the Guests for additional rent, activities, services, housekeeping or repairs that are greater than appeared on the guest's original estimated charges.
Origin: Vacation Rental Association

Package

A fixed price travel product that makes it easy for a traveler to buy and enjoy a destination or several destinations. Packages offer a mix of elements like transportation, accomodations, restaurants, entertainment, cultural activities, sightseeing and car rental.
Origin: Vacation Rental Association

Patient & Family Lodging

Traditional hotel or other facility that provides lodging to patients receiving care in the area or to their families.
Origin: Vacation Rental Association

Peak Season

The primary travel season when occupancy and rates are the highest
See also: Travel Seasons, Low Season, Shoulder Season Origin: Vacation Rental Association

Pet Deposit

Should a lodging facilty allow for pets they may require the guest to pay a significant deposit to cover any damage or excessive cleaning necessitated by the pets occupancy. Pet Deposits are usually refundable if no damage or effect occurs
See also: Pet Fee, Pet Friendly, No Pets, Pet Penalty Origin: Vacation Rental Association

Pet Fee

If a lodging property allows guests to bring pets, they may charge a fee, usually daily, for that priviledge. 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 accomodation facility.
Origin: Vacation Rental Association

Property Manager

A person or company who manages real estate including commercial, residential and other properties. Also an alternate term for a person who owns a local vacation rental company in a geographic location
See also: Network Member, Networker, Manager, Network Operator Origin: Vortex

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

Rack Rate

The rate accomodations quote to the public. Group rates, convention, trade show, meeting and incentive travel rates are negotiated by the hotel and program organizers.
Origin: Vacation Rental Association

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

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