No local liquor license shall be granted to any applicant until such applicant furnishes evidence satisfactory to the local liquor commissioner that such applicant is covered by a policy of liquor liability insurance in an amount sufficient to cover the maximum amount of liability under the Illinois liquor control act and provided by a company satisfactory to the village and, in the event the applicant is not the owner of the premises described in said application, that the applicant has a lawful right to possession of the same until the expiration of the term of the local liquor license for which application is made.
Each licensee shall furnish the local liquor commissioner with a certificate of such insurance and in the event of cancellation, the local liquor commissioner shall be notified no less than thirty days prior to such cancellation. (Ord. 3428, 5-14-2012)