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CHPA Industry Terms questions and answers
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CHPA Industry Terms questions and answers
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CHPA Industry Terms questions and answersAdditional Living Expense (ALE) Coverage - A type of insurance included within
homeowners' policies. ALE coverage reimburses the insured for the cost of
maintaining a comparable standard of living following a covered loss that exceeds
the insured's normal expenses prior to the loss. For example, additional living
expense insurance would cover an insured's motel bill while fire damage to the
home is being repaired, the home is replaced, or until the insured moves to a
permanent residence. ALE coverage is subject to a limit equal to 30 percent of the
dwelling limit under forms HO-2, HO-3, and HO-5. For form HO-8, ALE is 10
percent of the dwelling limit. Under the tenant's policy (HO-4), ALE is 30 percent
of the personal property limit, while under the condominium unit owners policy
(HO-6), the limit of ALE is 50 percent of the personal property limit. Also, see Fair
Rental Value.
Affiliate/Alliance Partner - An Affiliate/Alliance Partner is another corporate
housing company that corporate housing companies engage with to rent
apartments from to fulfill needs, and vice versa. These partnerships are ongoing
and often are continued through a service level agreement (SLA). Normally all of
an Affiliate/Alliance Partner's inventory is fully furnished and includes utilities.
Apartment Set-Up - The process includes all of the steps required to transform a
vacant unit to a corporate apartment including securing the unit with a lease,
setting up utilities, delivery of furniture and housewares.
,CHPA Industry Terms questions and answers
Available Unit - A unit that is leased from a landlord is considered available if it is
on lease during the dates being reported.
Average Daily Rate (ADR) - The average daily rate is calculated by dividing the total
month's rental revenue by the total number of occupied unit nights for the
month.
Baby Boomers - The term used to define individuals born between the years 1946-
1964.
Backfill - An apartment that is currently on a long-term lease, as a core unit, that is
occupied and will be filled by a new client/guest upon move out of existing
client/guest. This will continue during the entire length of the lease.
Benefit Period - The specified duration of time in which the client agrees to cover
charges of goods and/or services provided by a supplier.
Bi-Monthly Service Rotation - A service that occurs on a routine basis every other
month.
, CHPA Industry Terms questions and answers
Bi-Weekly Service Rotation - A service that occurs on a routine basis every other
week.
Branding - The process of creating and maintaining a consistent image of a
product or service Client- The contact that is securing/negotiating the lease on
behalf of the occupant.
Channel Manager - Channel Management is the process of managing online
distribution channels in order to sell hotel/furnished apartment inventory to
various agents across the globe. Channel management allows you to partner with
large agents, such as OTAs, as well as smaller retail agents in different markets.
Client Master Agreement - An agreement with a client that encompasses one or
multiple units combined with a reservation confirmation.
Close-Out Procedures - The process includes all of the steps required to transform
a corporate apartment to a vacant unit including giving the required notice to
vacate, removal of all furniture and housewares, as well as disconnecting all of the
utilities.
Core (Corporate) Units - Units that you have signed a lease directly with the
property or in a building that you lease/own.
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