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.

Common Calendar

An online calendar which shows a list of available lodging units (room, suites or homes) in a specified Complex or destination; along with available dates. Usually a left hand menu list the units and a top menu shows days or weeks. Booked units are displayed so that a guest can determine which units are available and then make a selection. Available in virtually all lodging software and many lodging websites. Also called a Tape or Grid.
See also: Availability Calendar Origin: Vacation Rental Association

Common Carrier

Any land, water or air conveyance operated under a license for the transportation of passengers for hire, not including taxicabs or rented, leased or privately owned motor vehicles.
Origin: Vacation Rental Association

Condotel

(1) A hotel room that is sold as if it were a home, but lacks certain common home features such as a full kitchen.

(2) Any condominium project where homes are operated as a hotel with a registration desk, cleaning service and more. The units are individually owned. Unit owners also have the option to place their unit in the hotels rental program where it is rented out like any other hotel room. Generally, condotels are sold as a second or third home.

NOTE: Mortgage financing for any property categorized as a Condotel may be labeled as "Non-Warrantable" and not financeable in the USA under Fannie Mae and Freddie Mac lending programs.
Origin: Investopedia & VRIA

Confirmation of Booking Form

Form that includes the rental contract and rules sent to prospective renters at the time that they book your vacation home.
Origin: Istay

Corporate Housing

The renting out of a furnished apartment or house on a temporary basis to individuals, military personnel or corporations. Different than a hotel room because the facility includes a kitchen. Different than a vacation rental because corporate housing is usually rented for more than 30 days.
See also: Vacation Rental Origin: Vacation Rental Association

Covered Trip

A period of round-trip travel away from Home to a destination outside your city of residence; the purpose of the trip is business or pleasure and is not to obtain health care or treatment of any kind; the trip has defined departure and return dates specified when the Insured enrolls; the trip does not exceed 180 days.
Origin: CSA Travel Insurance

Deposit Waiver Fee

Fee that some owners collect in lieu of a damage deposit. A damage waiver is typically significantly less than a damage deposit. Usually just $25 - $100 depending on the property. Unlike the damage deposit, the damage waiver is non-refundable.
Origin: Vacation Rental Association

Disclosed Guest

The rentor and their invitees who have been pre-aproved by the lodging manager. No other party can be consider a disclosed guest
See also: Maximum Occupancy, Normal Occupancy, Sleeps Occupancy, Undisclosed Guests, Drop-In Guests Origin: Vacation Rental Association

Domestic Partner

A person who is at least eighteen years of age and can show: (1) Evidence of financial interdependence, such as joint bank accounts or credit cards, jointly owned property, and mutual life insurance or pension beneficiary designations; (2) Evidence of cohabitation for at least the previous 6 months; and (3) An affidavit of domestic partnership if recognized by the jurisdiction within which they reside.
Origin: Vacation Rental Association

Drop-In Guests

Property occupants who were not pre-approved by manager, are not staying overnight and who are prohibited from entering or stayng in the property.
See also: Maximum Occupancy, Normal Occupancy, Sleeps Occupancy, Disclosed Guets, Undisclosed Guests Origin: Vacation Rental Association

Elective Treatment and Procedures

Any medical treatment or surgical procedure that is not medically necessary including any service, treatment, or supplies that are deemed by the federal, or a state or local government authority, or by us to be research or experimental or that is not recognized as a generally accepted medical practice.
Origin: Vacation Rental Association

Electronic Keyless Lock

A digital or push button mechanical lock that does not require a key or access card to operate.
Origin: Vacation Rental Association

Electronic Lock

A digital or push button mechanical lock that does not require a key or access card to operate.
Origin: Vacation Rental Association

Emergency Assistance

If you become sick or injured on your trip and are in need of Emergency Assistance, the assistance provider will: 1. arrange for and transport you to the nearest suitable medical facility; 2. provide you with assistance to return home; 3. provide round-trip economy airfare to send someone of your choice to be with you if you are traveling alone and are in the hospital for more than 7 days; 4. return your minor children home with an escort if they are left unattended due to your death or your hospitalization for at least 7 days; 5. arrange for and transport your remains to your home or place of burial in event of your death.
Origin: CSA Travel Protection

Eviction

The lawful expulsion of an occupant from a property.
Origin: Vacation Rental Association

Executive Suites

A collection of offices rented to individual offices which are provided with access to to her space and services such as conference room, reception area, photocopier, etc.
See also: Share Office Space, Temporary Office Space Origin: Vacation Rental Association Link: ExecutiveSuites.com

Fair Housing Act

Federal statute prohibiting discrimination against renters based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents of legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap.
Origin: Vacation Rental Association

Family Member

Includes Traveling Companion's dependent, spouse, child, spouse's child, son/daughter-in-law, parent(s), sibling(s), brother/sister, grandparent(s), grandchild, step-brother/sister, step-parent(s), parent(s)-in-law, brother/sister-in-law, aunt, uncle, niece, nephew, guardian, Domestic Partner, foster child, or ward.
Origin: Vacation Rental Association

Fee Simple

When a real estate property is held in the property owner's name and ownership can be transferred at the will of the owner without other restrictions..
Origin: Vacation Rental Association

Financial Insolvency

Means the total cessation or complete suspension of operations due to insolvency, with or without the filing of a bankruptcy petition, whether voluntary or involuntary, by a tour operator, cruise line, airline, or other supplier of travel services which is duly licensed in the state(s) of operation other than the person, organization, agency or firm from whom you directly purchased or paid for your Covered Trip.
Origin: Vacation Rental Association

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