NO!!!
You can insure it for any amount you wish (I've gone up to $2200). You just need to specify how much insurance coverage you want and pay the nominal extra amount.
Look under Extra Services.
oh! i stand corrected, thanks for the clarification L
in my defense, i've never used their "extra services" and anything i sell and ship over $150 rides FedEx with full boat insurance and delivery signature.
but the point still stands, that if you have a problem and need to make a shipping claim, it's all done via e-mail. which is an arduous process.