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.

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

Setting

The type of area in which a property is located. Such as at the Beach, in the Mountains, part of a Resort or in the City.
Origin: Vacation Rental Association

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