Subd. 1. Bond, insurance or cash required. Any person or corporation licensed to sell alcoholic beverages at on-sale or off-sale shall demonstrate proof of financial responsibility with regard to liability imposed by M.S. § 340A.801 to the Commissioner of Public Safety as a condition of the continuance, issuance or renewal of his or her license. Proof of financial responsibility may be given by filing:
a. A certificate that there is in effect an insurance policy or pool providing for the following minimum coverages:
(1) $50,000 because of bodily injury to any one person in any one occurrence and subject to the limit of one person; in the amount of $100,000 because of bodily injury to two or more persons in any one occurrence; in the amount of $10,000 because of injury to or destruction of property of others in any one occurrence;
(2) $50,000 for loss of means of support of any one person in any one occurrence and subject to the limit of one person; $100,000 for loss of means of support of two or more persons in any one occurrence; or
b. A bond of a surety company with minimum coverages as provided in Subd. 1.a. above; or
c. A certificate of the commissioner of finance that the licensee has deposited with him or her $100,000 in cash or securities which may legally be purchased by savings banks or for the trust funds having a market value of $100,000.
Subd. 2. Approval of security. The security offered under Subd. 1 above shall be approved by the City Council, and in the case of applicants for "on-sale wine" or "intoxicating malt liquor/wine" licenses by the State Liquor Control Director. Surety bonds and liability insurance policies shall be approved as to form by the city.
Subd. 3. Failure to obtain insurance. A licensed business operating without having the liability insurance required on file at all times with the City Administrator/City Clerk, shall immediately and without prior notice to the licensee and without action of the City Council have any license granted by the city prior thereto revoked, and the license may not be reissued until proof of compliance with the financial responsibility requirements is presented to the City Administrator/City Clerk and upon review and approval of the same by the City Council.
(Ord. 441, passed 11-5-2007; Am. Ord. 554, passed 2-26-2018)