No license shall be issued hereunder unless the applicant shall file with his application a certificate by an insurance company authorized to do business in the state of Illinois, certifying that the applicant has in force and in effect insurance sufficient to cover the limits of liability established by 235 Illinois Compiled Statutes 5/6-21 for the full term of the license period, and any other statutory requirement or requirements under local ordinances. Such evidence shall be submitted yearly for license renewal, and the insurance shall be kept in effect constantly during the existence of the license. Each such policy of insurance shall contain a provision requiring thirty (30) days' prior notice to the local liquor control commissioner before it can be canceled by the insurance company, and that provision shall be indicated on all certificates of insurance required herein. (Ord. 2003-40, 10-27-2003)