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.
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 Deposit
A certain amount of money collected upon booking that validates the rental contract. The reservation deposit can convert automatically in a damage deposit.
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
Resort View
When guests can see some or all of the resort they are staying in, from some area of the property, not necessarily from all area of the property.. May include Full, Partial or Peekaboo Views
See also: View, Beach View, City View, Mountain View, Water View 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
Scheduled Departure Date
The date on which a guest is originally scheduled to leave on a trip.
Origin: Vacation Rental Association
Scheduled Return Date
The date on which guest is originally scheduled to return to the point where the Covered Trip started or to a different final destination.
Origin: Vacation Rental Association
Scheduled trip departure city
The city where the scheduled trip on which the guest participates originates.
Origin: Vacation Rental Association
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
Self Catering
A term sometimes used for vacation rentals primarily in Europe, South Africa, Australia, and New Zealand. Also applies to furnished apartments without an onsite cook.
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
Service Order
When guests or owners request maintenance, additional housekeeping or other services from managers or other vendors. Owners may choose to purchase services using this system. If for essential services there is usually no charge to guests. But charges apply to non-essential services
Origin: Vacation Rental Association