All applicants for any type of intoxicating liquor, 3.2 percent malt liquor or wine license to be issued or renewed must, as a condition to the issuance of the license, demonstrate proof of financial responsibility as defined in Minnesota statutes 340A.409 and with regard to liability imposed by Minnesota statutes, section 340A.801, to the city. Proof of financial responsibility may be given by filing one of the following:
A. A certificate that there is in effect for the period of the license an insurance policy or pool providing the following minimum coverages:
1. One hundred thousand dollars ($100,000.00) because of bodily injury to any one person in any one occurrence and, subject to the limit for one person, in the amount of three hundred thousand dollars ($300,000.00) because of bodily injury to two (2) or more persons in any one occurrence, and in the amount of fifty thousand dollars ($50,000.00) because of injury to or destruction of property of others in any one occurrence;
2. One hundred thousand dollars ($100,000.00) for loss of means of support of any one person in any one occurrence, and, subject to the limit of one person, three hundred thousand dollars ($300,000.00) for loss of means of support of two (2) or more persons in any one occurrence; or
B. A bond or a surety company with the minimum coverages as provided in subsection A of this section; or
C. A certificate of the state treasurer that the licensee has deposited with him three hundred fifty thousand dollars ($350,000.00) in cash or securities which may legally be purchased by savings banks or for trust funds having a market value of three hundred fifty thousand dollars ($350,000.00).
D. In lieu of the above insurance requirements an applicant for a temporary 3.2 percent malt liquor license may provide proof of financial responsibility by filing a certificate that there is in effect for the license period an insurance policy or pool providing at least fifty thousand dollars ($50,000.00) of coverage because of bodily injury to any one person in any one occurrence, one hundred thousand dollars ($100,000.00) because of bodily injury to two (2) or more persons in any one occurrence, ten thousand dollars ($10,000.00) because of injury to or destruction of property of others in any one occurrence, fifty thousand dollars ($50,000.00) for loss of means of support of any one person in any one occurrence, and one hundred thousand dollars ($100,000.00) for loss of means of support of two (2) or more persons in any one occurrence. (Ord. 2015-06, 7-7-2015)