No late work policy - good idea?? Bad idea?

I’m teaching a doctoral-level course and considering adding a policy on my syllabus about how no late work will be accepted with the exception of a documented disability documented with our disability office or an exceptional circumstance documented with our dean of students.

Is this a good idea? Bad idea? Curious to hear if others have tried this.

I’m sick of keeping track of various extensions and having to decide which circumstances are serious enough to warrant extensions.