Does our condo association have to carry liability insurance?

We have a three-unit condo association with no condo fees. In the past, we've collected money for communal expenses on an ad hoc basis. In the past, we've all agreed to carry condo association insurance for liabilities.

This year, one owner is declining to participate in purchasing insurance. What is out best option? Carry no liability insurance? Split the insurance premium between the two other units? Other solutions?