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.
Usual and customary charge
Those charges for necessary treatment and services that are reasonable for the treatment of cases of comparable severity and nature. This will be derived from the mean charge based on the experience in a related area of the service delivered and the MDR (Medical Data Research) schedule of fees valued at the 100th percentile and the Anesthesia Relative Value Guide.
Origin: Vacation Rental Association
Varoom Vacation Rental Co-Op
A network of Rent By Owners who cooperate with Managers to increase rentals and improve standards. Operated by Vortex Managers.
See also: Sunspots Network, Goldener Network Origin: Varoom.biz Link: Varoom.biz
What can be seen from an area of the property, not necessarily from all areas of the property.
See also: Beach View, City View, Mountain View, Resort View, Water View Origin: Vacation Rental Association
Water Front Accommodations
Buildings or rooms and living units in a building which is along side a body of water, salt or fresh water. Could be major oceans, estuaries, lakes, rivers or streams. Generally means there are no other buildings between the building and the water. Not necessarily Beach Front.
See also: Ocean Front, Beach Front Origin: Vacation Rental Association
When guests can see a body of water (Such as a lake, ocean, pond or river) 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, Resort View Origin: Vacation Rental Association
Various price setting techniques designed to increase gross sales of a business, including tools for dynamic pricing, promotions, advertising, discounts, specials and more. Also known as Dynamic Rates, and Dynamic Pricing
Origin: William May