Insurance of Common elements on undeeded land

I know that this subject was touched on before, but I cannot find an adequate answer.
Our small HOA (27 private homes just about 6 years old) owns no common areas. Our CCR's stipulate the "Common Area" as the "initial Common area to be maintained by the Association is the entrance area and signage to the property." Under EASEMENTS "There shall be a general right and easement for the benefit of the Association, its directors, officers, agents and employees, including any management company retained by the Association, to enter upon the Common Area and the Lots to perform their respective duties." Of course, under various other Articles and Sections, the Association is directed to repair, replace improvements and maintain the "Common Area."
My question is: Has any other HOA obtained insurance for structures on land which the HOA does not own but is granted easement? We have a question into our attorney but have not as yet received a reply.
The reason this came up is that we are finally iniating a Reserve Fund and obtaining costs for replacement of the structures BUT if we had insurance, then the structures would be covered by insurance and the Reserve Fund need only fund what the insurance does not cover instead of funding the entire replacement cost...which could be substantial and we have a very meager Reserve Fund at present...not enough to cover the cost of replacing even one stone column.
I'd appreciate learning if other HOA's have had to address this kind of issue.
Thanks,
Gloria

The question of insuring the structures came up because a car just ran into a pole barely missing our Common Area elements almost exactly like the scario you presented. I understand that insurance will not cover wear and tear and that is the reason for having a Reserve Fund, which we are just starting to fund.
My question which still stands is have any other HOA's come across obtaining insurance for structures on land which is not owned by the HOA? Will insurance companies touch this type of policy?
Thanks for your help, GloriaM, but it seems that I am still on a quest.
GloriaL

Gloria,

I have been pursuing a similar issue in our community. The association is still under developer control. The title to the clubhouse is still held by the developer. The association has been paying the commercial property insurance on the clubhouse to the tune of almost $20,000 per year. I have been attempting to determine the basis on which the association has an insurable interest on property that it does not own. The association has been unable to produce the written notice from the developer making the clubhouse available for association use. That written notice is required by our CCR's. I want to be sure that if the clubhouse burned to the ground, the association could, in fact, collect on the policy. So far all I have gotten is vague assurances from the association's insurance agent that everything is covered. When I attempted to get confirmation from the insurance company that issued the policy, the associations agent instructed them not to respond and sent me an email with a very unpleasant tone. I contacted the State Bureau of Insurance. They told me there should be some sort of written agreement which conveys the insurable interest to the association.

At this point, I am stuck. The association is controlled by the developer so the board will not pursue this. I am documenting everything and will take another run at this next year once we have an elected board.