No license shall be granted to any applicant until such applicant shall furnish evidence satisfactory to the Liquor Control Commissioner that such applicant is covered by a policy of dram shop insurance issued by a responsible insurance company authorized and licensed to do business in the state insuring such applicant and the owner of the premises against liability in the minimum amount of $100,000 each for liability, one person, means of support and property damage, which such applicant may incur under the provisions of state law.