I think it wouldnt matter if you have an up to date master property insurance policy in place for your condo association

As an owner and the caretaker of a small condo complex, I am required to have my own policy of libility. Also check your Bylaws, your new Board might want to make or amend a regulation that governs the operation of the property, depending on your bylaws.

As an Association Manager, I often get asked this question. 
 
 
 
Many states and bylaws in communities in those states protect unpaid volunteers. I would check with legal counsel and your insurance agent, but as long as the volunteers are unpaid, you should be okay. 
 
 
 
If you are paying them, that opens up a whole can of worms. They could be seen as "defacto" employees and therefore you are creating a liability exposure for all concerned.  
 
 
 
You can pay for materials and rental or purchase of equipment and reimburse people, but you cannot pay them. If they are paid, they are no longer volunteers. As such, they do not share the protections afforded volunteers.  
 
 
 
Check with your insurance agent first, as they won't charge for it. Then check with your attorney. That small price you pay for an opinion will save you much in the long run.

Can condo owners work on HOA property without risk? ... 
 
Tell me anything you can do today without risk of being hurt or hurting someone, or risk of making a mistake. There is very little that can be accomplished without some degree of risk. The question is how to balance the risk and the benefit, and how to handle the risk management.  
 
 
 
I have written articles on this subject, with a view toward finding out how to do it (after balancing the risks). Some lawyers discourage it simply because they think it is better to avoid the risks at all costs (maybe for the lawyer giving the advice but not for a cash strapped association). If you want to see what I have written encouraging finding ways to do it when it is very important to the community, check out my website and look for an E-News article in the archives, and check out Beth’s blog (aka California Condo & HOA law blog), using the key words "owners , work crews".  
 
 
 
This is a topic where it's easier to "just say no", but also can work if the right kind of protections are in place. There are some things to watch out for such as the possibility of injuries, lower quality work, lack of warranties, community unrest and questions, unqualified workers, etc. Check out the articles to see what's up on these topics. And try to keep the work that is done to the most risk free tasks. And make sure there is insurance coverage or waivers in place.