Voluntary HOA- Insurance needed?

We are an older neighborhood ( 40+ years) with a voluntary HOA. We are just starting to get the HOA back up and running, and have had a few social events that have been well attended.
My question........Do we need insurance to cover ourselves even though it is a voluntary association? If we charge a small fee to attend an event, aren't people participating 'at their own risk'?

If we charge a small fee to attend an event, aren't people participating 'at their own risk'? >>
I don't understand your logic. If you pay to be somewhere, and you are injured, the owner is exeronated because you paid to be there? If someone is injured at your HOA sponsored event, what does paying to be there have anything to do with it? People will sue for anything, and even if you are not at fault it will cost you to defend the suit. Believe me, you can be sure your insurance company will defend you (and themselves.)
Do a search for "insurance". This same subject was just discussed recently.
And no, I would never serve on an HOA board without insurance coverage. Harold

It all really depends... What do you need to insure? Is there property involved? If it is a "Volunteer" HOA then most homeowner's have their OWN homeowner's insurance that covers their property. That means there is no property to insure.
However, if the HOA owns the property or shares property ownership amongst ALL the members then Insurance may be needed. What is the HOA responsible for? If it is for services such as lawncare, then make sure the lawncare contractors are insured form a minimum of a million dollars or an agreed upon amount.
Does your HOA own a clubhouse or pool? Then that will definetly need insurance. However, if your just having meetings at someone's home then no insurance is needed.
WHEN YOU SUE AN HOA YOU ARE SUING YOURSELF. So if it is lawsuits you are worried about, then liability insurance may be needed to cover the HOA's actions if they go wrong. It depends on the HOA's responsibilities for repairs.
My best advice is to find out EXACTLY what needes to be insured and what your insureing for. If your HOA doesn't own anything, then the only money ever to be collected is the money collected amongst themselves. ALL the members of the HOA covers the cost of any lawsuit, damages, or other legal actions. If one member has damages, you ALL have to pay. Insurance just may provide less costs incurred by the owners if you have it.

What my point is that "insurance for insurance sake" isn't the answer. Do some research into what needs to be covered and what is covered already by individual's homeowner's insurance. Why pay for coverage when it is already covered by other sources?
From my experience with our own HOA insurance, it didn't cover a whole lot. Board members weren't completely "protected" from being sued. They could and would get sued with the insurance in place. What the insurance did is actually provide a "Cap" the payout the person suing could get. Any expenses above that point MAY still be in play for the individual board member to pay. (Our cap was set at $60K per individual but was a $1 million dollar liability insurance policy for the ENTIRE HOA).
There are not too many insurance companies now a days willing to insure a HOA. It is also expesive and has to be included in the dues of each voluntary member. What if someone opts out? The other members will have to pay extra or find a replacement.
I say find out exactly what and who needs to be covered and buy the insurance appropriately. Our insurance had requirements or options with it that were not necessary but we wouldn't be covered unless we paid for them. Our insurance company had coverage for a "HOA Vehicle" and we didn't own a vehicle nor would we ever. There is also a new issue with "Terrorist Protection" that most insurance companies are supposed to offer as an option. Do you want or need insurance to cover a terrorist attack?
I am NOT saying don't purchase insurance in any means of the imagination. I just don't want to see you buy coverage and realize later it didn't cover your specific needs.