A. No retail liquor license may be issued, maintained, or renewed unless the applicant demonstrates proof of financial responsibility with regard to liability imposed by Minnesota Statutes section 340A.801. The minimum requirement for proof of financial responsibility may be given by:
1. A certificate that there is in effect for the license period an insurance policy issued by an insurer required to be licensed under Minnesota Statutes section 60A.07, subd. 4, or by an insurer recognized as an eligible surplus lines carrier pursuant to Minnesota Statutes section 60A.206 or pool providing at least fifty thousand dollars ($50,000.00) of coverage because of bodily injury to any one (1) person in any one (1) occurrence, one hundred thousand dollars ($100,000.00) because of bodily injury to two (2) or more persons in any one (1) occurrence, ten thousand dollars ($10,000.00) because of injury to or destruction of property of others in any one (1) occurrence, fifty thousand dollars ($50,000.00) for loss of means of support of any one (1) person in any one (1) occurrence, one hundred thousand dollars ($100,000.00) for loss of means of support of two (2) or more persons in any one (1) occurrence, fifty thousand dollars ($50,000.00) for other pecuniary loss of any one (1) person in any one (1) occurrence, and one hundred thousand dollars ($100,000.00) for other pecuniary loss of two (2) or more persons in any one (1) occurrence;
2. A bond of a surety company with minimum coverage as provided in subsection A1 of this section; or
3. A certificate of the State Treasurer that the licensee has deposited with the State Treasurer one hundred thousand dollars ($100,000.00) in cash or securities which may be legally purchased by savings banks or for trust funds having a market value of one hundred thousand dollars ($100,000.00).
This subsection does not prohibit an insurer from providing the coverage required by this subsection in combination with other insurance coverage.
An annual aggregate policy limit for dram shop insurance of not less than three hundred thousand dollars ($300,000.00) may be included in the policy provisions.
A liability insurance policy required by this section must provide that it may not be canceled for: 1) any cause, except for nonpayment of premium, by either the insured or the insurer unless the canceling party has first given thirty (30) days' notice in writing to the City Clerk of intent to cancel the policy; and 2) nonpayment of premium unless the canceling party has first given ten (10) days' notice in writing to the issuing authority of intent to cancel the policy.
B. Subsection A of this section does not apply to licensees who by affidavit establish that:
1. They are on-sale 3.2 percent malt liquor licensees with sales of less than twenty five thousand dollars ($25,000.00) of 3.2 percent malt liquor for the preceding year; or
2. They are off-sale 3.2 percent malt liquor licensees with sales of less than fifty thousand dollars ($50,000.00) of 3.2 percent malt liquor for the preceding year; or
3. They are on-sale wine licensees with sales of less than twenty five thousand dollars ($25,000.00) of wine for the preceding year. (Ord. 511, 6-20-2017, eff. 7-1-2017)
Notes
| 1 | 1. Similar provisions, MSA § 340A.409. |