The invention is an insulation system that enables the ice sheet of a skating rink to be economically established and maintained outdoors even at relatively high ambient temperatures. A part of the insulation system is a removable cover member that can be raised and lowered. The cover is raised to allow access to the ice and can serve much as a patio cover in this position. In the lowered position the cover forms a surface similar to a deck attached to a domestic dwelling and enables the area occupied by the ice rink to be used for other purposes when it is not being used for ice-related activities. The embodiment described is directed to residential use outdoor. The invention can be adapted for commercial use and for indoor use.