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<br />340AA09, Minnesota Statutes 2006 <br /> <br />Page 1 of2 <br /> <br />A.Minnesota . <br />~,,,~ffice of the RevisorofSr.atu.t~s <br /> <br />House I Senate I Joint Departments and Commissions I Bill Search and Status I Statutes, Laws, and Rules <br />Minnesota Statutes Table of Chapters Chapter 340A Table of Contents <br /> <br />Legislature Home I Links to the World I Help I A( <br /> <br />340A.409, Minnesota Statutes 2006 <br /> <br />Copyright @ 2006 by the Office of Revisor of Statutes, State of Minnesota. <br /> <br />340A.409 LIABILITY INSURANCE. <br />Subdivision 1. Insurance required. No retail license may be issued, maintained or renewed <br />unless the applicant demonstrates proof of financial responsibility with regard to liability imposed <br />by section 340A. 801. The issuing authority must submit to the commissioner the applicant's <br />proof of financial responsibility. This subdivision does not prohibit a local unit of government <br />from requiring higher insurance or bond coverages, or a larger deposit of cash or securities. The <br />minimum requirement for proof of financial responsibility may be given by filing: <br />(1) a certificate that there is in effect for the license period an insurance policy issued by an <br />insurer required to be licensed under section 60A.07, subdivision 4, or by an insurer recognized as <br />an eligible surplus lines carrier pursuant to section 60A.206 or pool providing at least $50,000 of <br />coverage because of bodily injury to anyone person in anyone occurrence, $100,000 because <br />of bodily injury to two or more persons in anyone occurrence, $10,000 because of injury to or <br />destruction of property of others in anyone occurrence, $50,000 for loss of means of support <br />of anyone person in anyone occurrence, and $100,000 for loss of means of support of two or <br />more persons in anyone occurrence; <br />(2) a bond of a surety company with minimum coverages as provided in clause (I); or <br />(3) a certificate of the commissioner of finance that the licensee has deposited with the <br />commissioner of finance $100,000 in cash or securities which may legally be purchased by <br />savings banks or for trust funds having a market value of$IOO,OOO. <br />This subdivision does not prohibit an insurer from providing the coverage required by this <br />subdivision in combination with other insurance coverage. <br />An annual aggregate policy limit for dram shop insurance of not less than $300,000 per <br />policy year may be included in the policy provisions. <br />A liability insurance policy required by this section must provide that it may not be canceled <br />for: <br />(1) any cause, except for nonpayment of premium, by either the insured or the insurer unless <br />the canceling party has first given 30 days' notice in writing to the issuing authority of intent to <br />cancel the policy; and <br />(2) nonpayment of premium unless the canceling party has first given ten days' notice in <br />writing to the issuing authority of intent to cancel the policy. <br />Subd. 2. Market assistance. The market assistance plan of the Minnesota Joint Underwriting <br />Association shall assist licensees in obtaining insurance coverage. <br />Subd. 3. Minnesota Joint Underwriting Association. (a) The Minnesota Joint Underwriting <br />Association shall provide coverage required by subdivision 1 to persons rejected under this <br />subdivision. <br />(b) A liquor vendor shall be denied or terminated from coverage through the Minnesota <br /> <br />bttp://www.revisor.1eg.state.mn.us/binlgetpub.php?pubtype=ST AT_CHAP _ SEC&year=200... 9/5/2007 <br />