Insurance and liability for owner of pond?

Question

What is the liability of someone who owns a private, gated pond? Is insurance required?

Membership is limited, and members have to pay yearly dues. It is fenced in and has a gate with lock. There is swimming, boating, fishing, grilling/cooking, playground, and camping.

It is a man-made pond, which was dug out to provide dirt for a nearby highway overpass. It's basically part of the guy's backyard, as he lives on site, just outside the gate.

Answer 1

You should definitely have liability insurance.

Answer 2

Insurance is not required by law.  But obviously, it's an attractive nuisance, and will draw children like a shoo-fly pie.  

The first kid that drowns, well, their family will OWN any assets currently owned by the owner of the pond, if they ask for a jury trial.  

That guy, is going to lose his house, and the pond, and just about anything else.  See, this pond is used for BUSINESS purposes, as people have to pay to get access to it, and his personal insurance isn't going to cover ANYTHING.

Answer 3

It depends on what your township/city/state requires, but common sense would dictate that if this guy is charging membership that YES, liability insurance (at a minimum)would be required.