The policy that we purchased for Whittemore Cove Road Association in 2012 from Chalmers Insurance Group in Gorham, Me (tel:839-3371) is a "Business Owners Policy". It has a stated $1,000,000 coverage for Liability, each occurrence. The policy we have is no longer available for new customers from that particular insurance company. I suggest either calling or visiting an agent who will have a myriad of questions for you but I suggest that is worth following through. I understand that current policies now being written cost between $700 and $1,200 per year but even with those prices it is very well worth it. Road Associations seem to confuse insurance agents; many agents want to consider them a condominium which in turn confuses me.
In my mind you never know how good a policy is until you place a claim but it is always smart to have insurance particularly with so many people involved. Good luck.