Each licensee shall keep in force liability insurance of a minimum of seven hundred fifty thousand dollars ($750,000.00) combined single limit liability coverage for injury to or death of any one person or persons or damage/destruction of property in any one accident by a corporation or corporations authorized to write insurance in the state during the license year. It shall appear on such policy that the village shall be notified, in writing, at least thirty (30) days prior to the cancellation of such policy of insurance. (2006 Code)