(A)   Before any liquor license shall be issued or renewed, the applicant for the license shall present to the Liquor Commissioner evidence of dram shop liability insurance issued by an insurance company licensed to do business in the state, insuring the applicant and the owner or lessor of the premises for dram shop liability in at least the following amounts:
      (1)   $100,000 for general liability or personal injury per person;
      (2)   $300,000 for general liability or property damage per person; and
      (3)   $100,000 for general liability or loss of means of support per person.
   (B)   The dram shop liability insurance shall be kept and maintained in full force and effect during the term that the license is issued.  Failure to keep and maintain the insurance shall be cause for suspension or revocation of any alcoholic liquor license issued pursuant to this chapter.
   (C)   The certificate of insurance shall provide that on the termination or cancellation of any dram shop policy, notice thereof shall be mailed to the village at least 10 days prior to the termination date.
(Ord. 1990-13, passed - -1990; Am. Ord. 1991-01, passed 4-9-1991)