A. Surety Bond:
1. Each applicant must submit a bond executed by the applicant, and by good and sufficient corporate surety, in the sum of three thousand dollars ($3,000.00), and conditioned that the licensee shall faithfully observe and conform to state law and to all of the provisions of this chapter, and any and all amendments hereafter passed during the period of said license; and conditioned further for the payment of any and all fines or penalties levied or assessed against such licensee for the violation of any of the terms and conditions of these rules and of any amendments hereto, or of state law.
2. The bond shall be further conditioned that the licensee will pay all the necessary costs and charges incurred by reason of any complaint filed for the revocation of his license by the local liquor control commissioner where same is occasioned by any violation of the terms and provisions of these rules or of state law by the licensee.
3. The bond must have a coverage period equal to or longer than the duration of the applicant's liquor license; provided, that such requirement may be waived if the applicant presents evidence satisfactory to the liquor control commissioner that the applicant holds a liquor license at a location other than the village, pays an administrative fee to the village in the amount of twenty five dollars ($25.00) and agrees in writing to furnish the required policy of insurance, or a renewal of the then existing policy, not less than fourteen (14) days prior to the expiration of the policy presented with the liquor license application; and provided further, that if the license holder fails to produce such new policy or extended policy of insurance prior to the said fourteen (14) day period, the license holder shall pay a penalty of fifty dollars ($50.00) to the village. (2013 Code § 3-1-5; amd. 2016 Code)
B. Insurance Requirements: No license shall be issued to any person or entity that cannot produce a policy of insurance by an entity against liability for any injury or death which said parties may incur while operating under the provisions of the Illinois liquor control act as follows:
1. In the amount of one hundred thousand dollars ($100,000.00) per person and three hundred thousand dollars ($300,000.00) per occurrence for bodily injury liability; one hundred thousand dollars ($100,000.00) for loss of means of support; and one hundred thousand dollars ($100,000.00) for property damage liability; or
2. A three hundred thousand dollar ($300,000.00) single limit dramshop policy.
3. No license shall be issued to any person or entity that cannot produce a policy of insurance by a solvent and responsible company authorized to do business in the state insuring said person or entity against general liability in the amount of five hundred thousand dollars ($500,000.00).
4. Each applicant shall show, by evidence satisfactory to the local liquor control commissioner, the existence of a policy of liquor liability insurance, and in the event the applicant is not the owner of the premises described in said application, that such applicant has a lawful right to possession of the same until the expiration of the term of license for which application is made; provided, that the requirement of a coverage period equal to or longer than the duration of the applicant's liquor license may be waived if the applicant presents evidence satisfactory to the liquor control commissioner that the applicant holds a liquor license at a location other than the village, pays an administrative fee to the village in the amount of twenty five dollars ($25.00) and agrees in writing to furnish the required policy of insurance, or a renewal of the then existing policy, not less than fourteen (14) days prior to the expiration of the policy presented with the liquor license application; and provided further, that if the license holder fails to produce such new policy or extended policy of insurance prior to the said fourteen (14) day period, the license holder shall pay a penalty of fifty dollars ($50.00) to the village. In the event of cancellation of the lease or other evidence of a lawful right to possession of the premises, the local liquor control commissioner shall be notified immediately of such cancellation. (2013 Code § 3-1-5)