My first Volvo, a 1988 245, had the pump fail in 3 months after I bought it. PO had 2 water pumps installed, both generic and both failed. I bought a Volvo pump and it is still working, 100K later.
I hope it is just a bad hose, both large hoses probably need to be replaced anyway. I would also use Volvo brand coolant, eventhough it is $40 for a total flush instead of $20.

Klaus
--
(V♂LV♂s 1975 164, 1995 854T, 1998 V70R)

If you're just topping up for a short period to get to the shop, you shouldn't hurt anything - but it's really a personal comfort level thing. Personally, I would use the Volvo stuff just because I know it won't hurt anything, and while it's a little more, it's still < $20, which falls under the category of "minor expense" (less than a tank of gas). If I didn't use the OEM stuff, I'd use one that's Ethylene Glycol based (see "Service Items" on Bay 13). Other coolants could potentially hurt seals and corrode parts of your engine.

And it sounds like you're doing this...but be sure to locate the source of that leak soon! If it's coming from your water pump, and it's leaking to the point where you need to top up, it will need immediate attention. Siezed water pump = timing thrown off = expense much greater than a bottle of coolant.