A cancellation policy is added to products by suppliers to set rules on how much to refund a customer if their booking is cancelled before a certain time. You can add more then one steps to your rule which enables you e.g. to refund your customer 25% of the booking price if they cancel 24 hour before departure or 50% if they cancel with a 48 hour notice.
Navigate to "Products" > "Experiences".
Select the product from your list of products.
Locate "Rates" on the right of your screen and click on "Open step" up in the right hand corner of your rates.
Select "Edit" next to the rate you want to add your cancellation policy to or, if needed, add rate for your cancellation policy by selecting "+ Add rate".
Choose the cancellation policy you want to apply to your experience and click on the blue "Submit" button.