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<br />(2) Approval of Bond or Insurance. <br /> <br />The surety bonds or insurance policies required <br />by Subdivision 1 of this section shall be subject to the <br />approval of the Council. <br /> <br />(3) Procedure Where Cash or Government Bonds are Used. <br /> <br />If the applicant uses cash for security, it shall be <br />deposited with the Manager. If United States government bonds <br />are permitted and are used as such security, an assignment <br />or agreement shall accompany them and they shall be filed with <br />the Manager. The licensee shall be permitted to clip and <br />take all interest bearing coupons thereto attached as they <br />become due. <br /> <br />(4) Surety or Insurance Companies. <br /> <br />The surety on such bond, or the insurer on such <br />liability insurance policy, shall be a surety company or <br />insurance company, as the case may be, duly licensed to <br />do business in the State, and the bond and liability <br />insurance policy shall be approved as to form and execution <br />by the Village Attorney. All surety bonds or liability <br />insurance policies, when approved by the proper Village or <br />State officers, shall be deposited with the Manager. <br /> <br />(5) Amount and Terms of Insurance. <br /> <br />In the event a liability insurance policy is filed, <br />such liability insurance policy shall be in the amount of <br />$10,000 coverage for one person and $20,000 coverage for <br />more than one person, and shall specifically provide for the <br />payment by the insurance company on behalf of the insured of <br />all sums which the insured shall become obliged to pay by <br />reason of liability imposed upon him by law for injuries or <br />damages to persons, other than employees, including the <br />liability imposed upon the insured by reason of Section 340.95 <br />Minnesota Statutes. Such liability insurance policy shall <br />further provide that no cancellation for any cause can be <br />made either by the insured or the insurance company without <br />first giving 10 days' notice to the Village in writing of <br />intention to cancel the same, addressed to the Manager. <br />Further, it shall provide that no payment of any claim by the <br />insurance company shall, in any manner, decrease the coverage <br /> <br />-9- <br />