(A) Application. Unless otherwise excepted by this section, each application for an intoxicating liquor or wine license shall be accompanied by one of the following proofs of financial responsibility:
(1) Insurance. A certificate that there is in effect an insurance policy issued by an insurer required to be licensed by M.S. § 60A.07, subd. 4, as it may be amended from time to time, or by an insurer recognized as an eligible surplus line carrier pursuant to M.S. § 60A.206, as it may be amended from time to time, or pool providing coverage of at least:
(a) Fifty thousand dollars for bodily injury to any one person in any one occurrence and subject to the limit of one person;
(b) One hundred thousand dollars for bodily injury to two or more persons in any one occurrence;
(c) Ten thousand dollars for injury to or destruction of property of others in any one occurrence;
(d) Fifty thousand dollars for loss of means of support of any one person in any one occurrence and, subject to the limit for one person;
(e) One hundred thousand dollars for loss of means of support of two or more persons in any one occurrence;
(f) Fifty thousand dollars for other pecuniary loss of any one person in one occurrence; and
(g) One hundred thousand dollars for other pecuniary loss of two or more persons in any one occurrence.
(2) Bond. A bond of a surety company with minimum coverages as provided in division (A)(1) above; or
(3) Commissioner of Management and Budget certificate. A certificate of the state’s Commissioner of Management and Budget that the licensee has deposited with the Commissioner of Management and Budget $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) Approval by Council. The proof of financial responsibility shall be approved by the Council and, when required, by the Commissioner. The City Attorney shall approve the form of the financial responsibility.
(C) Insurance, bond or certificate. A certificate of insurance, bond or certificate from the Commissioner of Management and Budget as set forth in division (A) above are required for temporary on-sale intoxicating liquor licenses. The insurance policy or bond must have the following coverage: $100,000 bodily injury each person; $200,000 each common cause; $100,000 property damage each common cause; $100,000 loss of means of support; $200,000 each common cause; and $300,000 annual aggregate. If the event is to be held on city property, the city shall be named as an additional insured and the license holder shall agree to hold the city harmless and indemnify and defend the city for acts of the license holder.
(D) Exceptions. Division (A) above does not apply to on-sale wine licensees who by affidavit establish that they are holders of an on-sale wine license with sales of less than $25,000 for wine for the preceding year.
(E) Revocation of license. The operation of such off-sale or on-sale intoxicating liquor or wine business without having on file, at all times, with the city proof of financial responsibility required by this section shall be grounds for immediate revocation of the license. Notice of cancellation of a current liquor liability policy shall serve as notice of the impending revocation of the license.
(Prior Code, § 501.07) (Ord. 843, passed 05-20-2010; Ord. 951, passed 09-24-2018)