(A) Required limits. When liability insurance is required in this chapter, the minimum requirement of coverage shall be at least $50,000 of coverage because of bodily injury to any one person in any one occurrence, $100,000 because of bodily injury to 2 or more persons in any one occurrence, $10,000 because of injury to or destruction of property of others in any one occurrence, $50,000 for loss of means of support to any one person in any one occurrence, and $100,000 for loss of means of support of 2 or more persons in any one occurrence. An annual aggregate policy limit for dram shop insurance of not less than $300,000 per policy year may be included in the policy provisions.
(B) When insurance is not required. If insurance is not required by a licensee because of annual sales which are less than a prescribed amount, then a licensee claiming the insurance waiver must provide the City Clerk with an affidavit establishing compliance with the monetary limits plus copies of federal and state income tax returns or such other accounting documents as may be required in order to verify the monetary claim. The City Clerk shall advise the Council of compliance with these requirements at the time the Council is requested to approve the applicable liquor license.
(Ord. 121, passed 9-16-1992)