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.
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, accommodations, 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
PayPal
A fast and convenient online payment service. People like the convenience of this service since money is transferred automatically over the internet, directly from their credit card or personal checking account.
Origin: Redstone Systems
PayPal
A fast and convenient online payment service.
Origin: Plumbob Publishing
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
Per Person Pricing (PPP)
Often used for Vacation Rental homes, a pricing model where a minimum nightly rate is set for a property allowing a base or normal number of occupants. Guests pay an additional fee for each guest over the normal, up to a maximum number of guests allowed in the property. The additional fee is often much higher for unapproved guests.
See also: Dynamic Rates Origin: Istay
Pet Deposit
Should a lodging facility 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 privilege. 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
Physician
A person licensed as a medical doctor by the jurisdiction in which he/she is resident to practice the healing arts. He/she must be practicing within the scope of his/her license for the service or treatment given and may not be you, a Traveling Companion, or a Family Member of the guest.
Origin: CSA Travel Insurance
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
Pre-existing condition
An illness, disease, or other condition during the 180-day period immediately prior to the effective date for which the guest is scheduled or booked to travel (1) Received, or received a recommendation for, a diagnostic test, examination, or medical treatment; or (2) Took or received a prescription for drugs or medicine. * Item 2 of this definition does not apply to a condition which is treated or controlled solely through the taking of prescription drugs or medicine and remains treated or controlled without any adjustment or change in the required prescription throughout the 180-day period before coverage is effective under this Policy.
Origin: CSA Travel Insurance
Pre-existing condition exclusion
May apply to specific coverages. Please refer to the Policy/Certificate of Insurance for details.
Origin: Vacation Rental Association
Pre-Existing Condition Exclusion Waiver
May apply to specific coverages. Certain requirements apply. Please refer to the Policy/Certificate of Insurance for details.
Origin: Vacation Rental Association
Property
A hotel, motel, inn, lodge, vacation rental or other accommodation facility.
Origin: Vacation Rental Association
Property Manager
A person or company who manages real estate including commercial, residential and other properties. Should not be used for people who manage vacation rentals, as those should be called "Vacation Rental Managers" or "Lodging Managers"
See also: Vacation Rental Manager, Lodging Manager, Absentee Vacation Rental Manager, Corporate Vacation Rental Manager Origin: Vacation Rental Association
Property Review
Guest's online review of a property they rented. Often posted to channels such as AirBnB, VRBO, Expedia, Booking.com, TripAdvisor. Etc.
See also: Guest Review Origin: Wm. May
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
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