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Hello Alex,
I have asked for this same feature in the feature request thread. It is definitely needed to protect the merchant and honestly I was surprised that it wasn't included in the software. Please NetSol we need an option in our shipping area to add insurance based on the order total....
You can view a little workaround we did on our site at www.universolaromas.com. Basically when you get to step 2 of checkout we have a table at the top with the option to add insurance to your order...It is not ideal but it's better than not having anything at all.
Hope this helps!
Chris
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