All licensees shall have in effect, prior to the issuance of any license hereunder, liquor liability insurance with limits of not less than one million dollars ($1,000,000.00) combined single limit or one million dollars ($1,000,000.00) per occurrence and per aggregate, and licensees shall submit a certificate or policy of insurance as evidence of such coverage, issued by an insurance company licensed to do business in the State of Illinois and having a best rating acceptable to the City.

The effective period of such insurance coverage shall coincide with the period for which the license is in effect.