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.

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

Fleece

Another word for towels, wash cloths and math mats
See also: Textiles, linens, towels Origin: May, William

Fractional

Describes a lodging property, usually a vacation home, owned by more than one person or party. Usually organized as an association having multiple owners who share use of the home on a pre-determined arrangement, each getting different times of the year.. In some, but not all, states fractionals are governed by timeshares but operate differently with owners having control over choice of manager, amenities and later sale or disposition of the parties.
Origin: Vacation Rental Association

Friendly Fraud

A customer proclaims they did not know they were buying something from the merchant when they gave their credit card. Or when the customer says a family member used their card without permission.
See also: Chargeback Fraud Origin: WM. May

FVRMA - Florida Vacation Rental Managers Assoc

Trade Association of Vacation Rental Managers in the State of Florida.
See also: VRIA, VRMA Origin: FVRMA

Gite

A French holiday home available for rent on a short term basis. Usually self-catering and fully furnished. Techncially the owner must live close by to provide help, assistance, and a warm welcome to guests. Often Gîtes are old cottages or converted outbuildings and barns close to owners' residence.
See also: Vacation Rental, Holiday Villa, Holiday House, Holiday Let, Self-Catering Origin: Vacation Rental Association

Gleaning

In agriculture, farmers allow charity groups to enter fields already picked, to take left over crops. In lodging, charitable groups are allowed to use or sell nights unlikely to sell. This provides benefit to the charities, promotional value to properties and goodwill for all.
Origin: Vacation Rental Association

Guest House

A house, condo or other living unit used for short-term rental, usually in a resort or recreational area and having sleeping quarters, bath and kitchen. Also known as a Vacation Rental, Holiday let., Holiday Huse, Holiday Cottage, Holiday Villa or (in France) a Gite.
See also: Vacation Rental, Holiday Let, Holiday House, Holiday Cottage, Holiday Village, Gite Origin: Wm. May

Home

A person's primary or secondary residence.
Origin: Vacation Rental Association

Hospital

An institution, which meets all of the following requirements: (1) It must be operated according to law;(2) it must give 24-hour medical care, diagnosis and treatment to the sick or injured on an inpatient basis; (3) It must provide diagnostic and surgical facilities supervised by Physicians; (4) Registered nurses must be on 24-hour call or duty; and (5) The care must be given either on the hospital's premises or in facilities available to the hospital on a prearranged basis. A Hospital is not: a rest, convalescent, extended care, rehabilitation or other nursing facility; a facility, which primarily treats mental illness, alcoholism, or drug addiction (or any ward, wing or other section of the hospital used for such purposes); or a facility which provides hospice care (or wing, ward or other section of a hospital used for such purposes).
Origin: Vacation Rental Association

Hospitality Industry

Another term for the travel industry.
Origin: Vacation Rental Association

Hot Tub Cleaning Fee

A certain amount above and beyond the rental rate charged to renters wishing to use your hot tub.
Origin: Vacation Rental Association

Icon

A facility or landmark which is visually synonymous with a destination.
Origin: Vacation Rental Association

Identity Theft Resolution Services

A service that provides assistance when your identity has been compromised while traveling on your vacation. This safeguard is automatically included for a full 180 days starting on your scheduled departure date. Identity Theft Resolution does not provide assistance for thefts involving non-U.S. bank accounts.
Origin: CSA Travel Protection

Injury

Bodily harm caused by an Accident which: 1. occurs while your coverage is in effect under the plan; and 2. requires examination and treatment by a Physician. The Injury must be the direct cause of loss and must be independent of all other causes and must not be caused by, or result from, Sickness.
Origin: CSA Travel Insurance

Insured

An Eligible Person who arranges a Covered Trip and pays any required plan payment.
Origin: CSA Travel Insurance

Internet Service Provider (ISP)

A commercial service that sells access to the internet to individuals at properties..
Origin: Vacation Rental Association

Kane

The Hawaiian word for man or men. Pronounced "ka ney"
See also: Suns Origin: Hawaii.nu

Key Safe

A stout box which can be attached to a build, that requires a user to punch in a numerical combination code in order to retrieve a key from inside. Usually a mechanical device, not electronic. Some types can be hung on a door knob.
Origin: Istay

Leisure Travel

Travel for recreational, educational, sightseeing, relaxing and other experiential purposes.
Origin: Vacation Rental Association

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