All licensees shall have in effect, prior to the issuance of any new license or the renewal of any license hereunder, liquor liability insurance with a common law liquor liability endorsement under which the village, its local liquor commissioner, president and board of trustees, all of its elected or appointed officials, employees and any volunteer while acting on behalf of the village and the licensee are named additional insureds, with limits of not less than five hundred thousand dollars ($500,000.00) combined single limit or five hundred thousand dollars ($500,000.00) per occurrence and per aggregate, and shall submit a certificate or policy of insurance as evidence of such coverage, issued by an insurance company licensed to do business in the state and having a Best rating acceptable to the village. The effective period of such insurance coverage shall coincide with the period for which the license is in effect, and said certificate and policy of insurance shall provide that the insurance coverage shall not be canceled, modified or reduced in coverage or limits except after thirty (30) days' prior written notice by certified mail, return receipt requested, has been given to the village. The licensee shall maintain said coverage throughout the term of the license and shall also have in effect prior to issuance of the license and maintain throughout the term owners/landlords and tenants liability insurance in an amount of not less than five hundred thousand dollars ($500,000.00) combined single limit or five hundred thousand dollars ($500,000.00) per occurrence and per aggregate. This section shall not apply to class D licenses. In the case of class D licensees, the local liquor commissioner may allow insurance in such lesser amounts as he or she deems appropriate, based upon the conditions and circumstances surrounding the sale of alcoholic liquor by such licensee(s). (Ord. 95-127, 12-19-1995)