All persons licensed to sell alcoholic liquor within the village under the provisions of this article shall carry dramshop insurance with limits of coverage not less than those provided from time to time by the Illinois general assembly, in the Illinois liquor control act of 1934, 235 Illinois Compiled Statutes 5/1-1 et seq., for any loss of means of support or loss of society, for property damage, and for bodily injury or death for each person incurring such damages. Evidence of such dramshop insurance shall be filed with the village clerk, together with a receipt for the payment of the premium(s) thereon, before any license shall be issued hereunder; and furthermore, said licensee shall be required to notify the village in writing in the event of the cancellation of said insurance coverage, for any reason whatsoever, within ten (10) days of said cancellation. (Ord. 13-17, 10-17-2013)