Section 10.53
The applicant for a license under this division shall file with the village a public liability and property damage insurance policy naming the applicant and the village as the assured and providing for the payment of any liability imposed by law upon the applicant or the village to the extent of not less than $3,000,000.00 for death of one or more persons and for damage to property in the amount of not less than $1,000,000.00.