No, you are not entitled to a refund nor can you stop paying assessments. The association can lien and foreclose on your unit if you do not pay the full amount each month.
You should send the board a letter stating it is their fiduciary duty to insure the building and send it certified mail, return receipt. Then you have proof you put them on notice and they could be personally liable if they don't purchase the insurance.
Also, file a complaint with DBPR.
Short of that, unless you have a lot of money to pay an attorney to handle this, you need to just keep putting pressure on them to get the insurance. Condo disputes are not the kind of cases that generate damages in an amount that make it feasible for attorneys to handle on a contingency.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.
The only way that you will be able to get any money back is if the members of the board stole money for their personal use, in which case you would have to recover it from the individual board member who stole it. Your dues are not just for insurance but to pay for maintenance on the common areas and to fund reserves. Many condo associations are having financial problems because of the economy. They have limited reserves and they have to make cuts to handle the shortfall. If you do not think that your board is doing a good job, you should seek a position on the board. From what you have indicated in your series of postings, the condo board should increase the amount of monthly dues so that they have enough money to pay for the insurance that the condo needs.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.