If my neighborhood allows deer hunting on our Homeowners Assoc land and something happens am I covered by my homeowners or PEL coverage?

The homeowners' association should have insurance coverage, and that would be "primary."  If the claim goes beyond that policy's limits, it probably goes against the association directly, which would then put a special assessment on the unit owners to cover it (unless they could get a mortgage loan to pay the judgment, which is probably unlikely).

I doubt that any insurance coverage you have personally would be involved, and it's also unlikely that they would pay anything toward the assessment.  So you might want to find out what the association's policy limit is, and get involved to make a change if you think it's too low.