(A) Proof. No beer, wine or liquor license shall be issued, maintained, or renewed unless and until the applicant has provided proof of financial responsibility imposed by M.S. § 340A.409, as it may be amended from time to time, by filing with the city:
(1) A certificate that there is in effect an insurance policy or pool providing minimum coverages of $50,000 because of bodily injury to any one person in any one occurrence, and $100,000 because of bodily injury to two or more persons in any one occurrence, and in the amount of $10,000 because of injury to or destruction of property of others in any one occurrence; and$50,000 for loss of means of support of any one person in any one occurrence and $100,000 for loss of means of support of two or more persons in any one occurrence, (an annual aggregate policy limit for dram shop liability of not less than $300,000 per policy may be included in the policy provision);
(2) A bond of a surety company with minimum coverages as provided in division (A)(1) of this section; or
(3) A certificate of the State Treasurer that the licensee has deposited with him or her $100,000 in cash or securities which may legally be purchased by savings banks or for trust funds having a market value of $100,000.
(B) Exception. This section does not apply to on-sale beer or wine licensees with sales of less than $25,000 for the preceding year, or to off-sale beer licensees with sales of beer of less than $50,000 for the preceding year. An affidavit of the licensee shall be required to establish the exemption under this division (B).
(C) Notice for cancellation. The liability insurance policy, bond or certificate of the State Treasurer required above shall provide that it may not be canceled for any cause by the licensee, the insurance company, bond company or State Treasurer without first giving 30 days’ notice to the municipality in writing of intention to cancel it. Such notice must be addressed to the City Administrator.
(D) Documents submitted to Commission. All proofs of financial responsibility and exemption affidavits filed with the city under this section shall be submitted by the Commissioner of Public Safety.
(2002 Code, § 11.03)