No! The roof that you have typically has at least one and one half inches of polyurethane foam sprayed in place as a base and is topped with at least two layers of a seamless synthetic rubber coating. The foam serves as insulation and acts as a uniform surface for the waterproofing layers to be applied to.
The waterproofing layer can be easily patched by a qualified technician. He will use a product that is compatible to what is currently on the roof in order to guarantee good adhesion and prevent leaks. Depending upon the conditions that the roof is subjected to, it may need a new waterproofing layer every five to seven years.