Do we need office bearer insurance?

We are a small complex of 7 villas.  We have five resident/owners on the SC.  We are looking at renewing our insurance but are considering taking out some cover under the Office Bearers Legal Liability policy which we have never had .  

First question: please give a ballpark of what sort of premium cost this might be. (I can’t get an answer from the insurer or the Strata Manager)

Second Question: do you recommend including this cover?

The five committee members have agreed to include the cover by informal discussion, but the Strata Manager reckons we need an Extraordinary Meeting of the Owners Corp (which means the other two owners included) who are not residents.  The Strata Manager quotes us $330 to hold the meeting.  

Third question:  is this matter insignificant enough that the committee members can agree without the cost etc of a formal meeting being called?

Thank you