No license shall be granted or renewed to an applicant until such applicant shall furnish evidence satisfactory to the Local Liquor Control Commissioner that such applicant is covered by a policy of dram shop insurance issued by a responsible insurance company authorized and licensed to do business in the State of Illinois insuring such applicant against liability which such applicant may incur under the provisions of 235 Illinois Compiled Statutes 5/6-21.
Applicant shall provide evidence of proper dram shop insurance issued by a company with a B+ rating or better, in a class of 7 or better. Said insurance policy shall be nonassessable and include the following minimum limits of coverage: bodily injury per person, one hundred thousand dollars ($100,000.00); bodily injury per occurrence, three hundred thousand dollars ($300,000.00); injury to means of support, one hundred thousand dollars ($100,000.00); and, property damage, one hundred thousand dollars ($100,000.00). (Ord. 2018.11, 3-4-2019, eff. 5-1-2019)