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.

Stay Over

See Hold Over.
Origin: Vacation Rental Association

Sundries

Incidental supplies provided along with rent of a lodging property such as paper goods, soaps, salt/pepper and other kitchen basics. Many managers provide a started supply of such things. Most do not provide an unlimited stash.
Origin: Vacation Rental Association

Sunspots Vacation Rentals Network

Network of Vacation Rental Management Companies, each independtly owned and operated operated by trained and certified managers in various geographic areas.
See also: Sunspots Network Origin: Vortex

Tariff

Rate of fare quoted and published by a travel industry supplier (i.e. hotels, tour operators, etc.) Usually an annual tariff is produced in a booklet form for use in sales calls at trade shows.
Origin: Vacation Rental Association

Tenant

A person or persons who rents a real estate property for an extended stay. As opposed to a "Guest" who rents a property for a short stay. The difference between a Guest and a Tenant is usually determined by local governing bodies such as states, counties, cities or home owner associations. Many jurisdictions consider tenants to be those who stay for more than 30 days.Tenants and Guests have different rights of use for the property.
See also: Guest Origin: Vacation Rental Association

Terms & Conditions

The list of conditions, usually in writing and often printed on a website, that govern a contract or order. They spell out how payments are handled, what the policies and procedures are, what happens in the case of certain events. They govern the customer's comportment and obligate them to other rules and regulations.
See also: Rules, Regulations Origin: Istay

Time-Shares

Homes divided in ownership or use on the basis of time periods, most often one or two week each year.
Origin: Vacation Rental Association

Tip Envelope

Housekeepers leave in rooms indicating their name and date cleaned. Usually includes subtle reminder that tips are not required but gratefully appreciated.
Origin: Vacation Rental Association

Tour Operator

Develops, markets and operates group travel programs that provide a complete travel experience for one price and includes transportation (airline, rail, motor coach, and/or ship), accomodations, sightseeing, selected meals and an escort. Tour operators market directly to the consumer, through travel agents and are beginning to be listed on computerized reservation systems.
Origin: Vacation Rental Association

Tour Wholesaler

An individual or company that sells tour packages and tour product to travel agents. Tour wholesalers usually receive a 20% discount from accomodations, transportation companies and attractions and pass on a 10 to 15% discount to the retail agent.
Origin: Vacation Rental Association

Tourism

Where consumers undertake leisure travel. As opposed to travel for business purposes
See also: Traveler, Tourist, Visitor Origin: Vacation Rental Association

Tourist

Traveler how moves from place to place to enjoy and experience different locations. Differs from business travel who comes for business purposes.
See also: Traveler Origin: Vacation Rental Association

Transient

A Guest who arrives without an advance reservation or pre payment. Contrary to representations to those opposed to Lodging, guests with reservations are NOT transients.
Origin: Vacation Rental Association

Travel

Leisure and other travel including travel for business, medical care, education, etc. All tourism is travel, but not all travel is tourism.
Origin: Vacation Rental Association

Travel Agent

An individual who arranges travel for individuals or groups. Travel agents may be generalist or specialists (cruises, adventure travel, conventions, and meetings.) The agent receives a commission form accomodations, transportation companies and attractions for coordinating the booking of travel. They typically coordinate travel for their customers at the same of lower cost than if the customer booked the travel on his/her own.
Origin: Vacation Rental Association

Travel Insurance

Purchased from a carrier who agrees to reimburse guests for some expense if they are forced to cancel their plans due to certain reasons. Usually these include death in the family, personal injury or flight delays. Highly recommended.
Origin: Vacation Rental Association

Travel Product

Refers to any product or service that is bought by or sold to consumers of trade including accomodations, attractions, events, restaurants, transportation, etc.
Origin: Vacation Rental Association

Travel Seasons

Travel industry business cycles including:
Peak - Primary travel season
Low - Period when business is slowest
Shoulder - period between peak and low periods when business is stronger, but has room from growth.
Origin: Vacation Rental Association

Travel Trade

The collective term for tour operators, wholesalers, and travel agents.
Origin: Vacation Rental Association

Traveler

Any person who travels either for leisure or business purposes more than 100 miles (round-trip) in a day or who stays overnight away from his other primary domicile.
Origin: Vacation Rental Association

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