A. No license shall be issued to any person or entity that cannot produce a policy of insurance by a solvent and responsible company authorized to do business in the state of Illinois with an A.M. Best's rating of "B" or better insuring said person or entity against liability for any injury or death which said parties may incur while operating under the provisions of the liquor control act as follows:
1. One million dollars ($1,000,000.00) per person and one million dollars ($1,000,000.00) per occurrence for bodily injury liability; one hundred thousand dollars ($100,000.00) for loss of means of support; and one hundred thousand dollars ($100,000.00) for property damage liability; or
2. A one million dollar ($1,000,000.00) single limit dramshop policy.
3. No license shall be issued to any person or entity that cannot produce a policy of insurance by a solvent and responsible company authorized to do business in the state insuring said person or entity against general liability in the amount of one million dollars ($1,000,000.00).
B. In the event of cancellation, the liquor control commissioner shall be notified immediately of such cancellation. (Ord. 2009-34, 10-5-2009)