NY S05324

Establishes pet insurance as a distinct category of property insurance covering accidents and illnesses of pets, separate from general animal insurance

Defines key terms including preexisting conditions, chronic conditions, hereditary disorders, congenital anomalies, orthopedic conditions, and waiting periods that insurers must use consistently in policies

Requires insurers to provide extensive disclosures to consumers about coverage exclusions, waiting periods, deductibles, claim payment formulas, and how premiums may change based on claims history, pet age, or location

Grants policyholders a 30-day free look period to return policies for a full premium refund if no claim has been filed

Limits waiting periods to a maximum of 30 days for illnesses and orthopedic conditions (with an option to waive through veterinary examination) and prohibits waiting periods for accidents

Requires insurance producers to complete specific training on pet insurance before selling these products and mandates that wellness programs be clearly distinguished from pet insurance