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. . . (d) A change in the legal status of the municipality making it unlawful for a licensed business to continue. {rl The licensee ceasing to carryon the licensed business. (6) Where a new application is filed as a result of incorporation by an existing licensee and the ownership control and interest in the license are unchanged, no additional license fee will be required. Section 32. Section 4-113 is hereby amended to read as follows: Sec. 4-113. Liability insurance. At the time of filing an application for either an "on-sale!" an "off-sale" or an "on-sale club" liquor license, the applicant shall file with the city clerk a liability insurance policy which shall be subject to the approval of the city council. The insurer on such liability insurance policy shall be duly licensed to do business in the state and the insurance policy shall be approved as to form and execution by the city attorney. Such liability insurance policy shall be in the amount of not less than one hundred thousand dollars ($100,000.00) coverage for one person and tMee htlftdrea ths1:lsaaa dollars ($399,999.99) one million dollars ($1,000,000.00) coverage for more than one person and shall specifically provide for the payment by the insurance company on behalf of the insured of all sums which the insured shall become obliged to pay by reason of liability imposed upon him by law for injuries or damages to persons other than employees, including the liability imposed upon the insured by reason of Section 349.96 340A.801, Minnesota Statutes. Such liability insurance policy shall further provide that no cancellation for any cause can be made either by the insured or the insurance company without first giving ten (10) days notice to the city in writing of intention to cancel the same, addressed to the city clerk. F1:lFther, it shall provide tHat fta paymcat af afty elaim by the in.3uraftee eompafty shall, ia afty maftfter, deerea3c tHe cavcl'age praviaea far ift re3peet to any othcr elaim SF claims brought agaia3t tHe iftsul'ea SF campany thereafter. Such policy shall be conditioned that the insurer shall pay, to the extent of the principal amount of the policy, any damages for death or injury caused by, or resulting from the violation of any law relating to the business for which such license has been granted. Section 33. Section 4-120 paragraph (a) is hereby amended to read as follows: Sec. 4-120. Renewal. (a) Forms for the application for renewal of an "on-sale" or "off-sale" liquor license shall be furnished by the city clerk and may require any information required on an initial application. Section 34. Section 4-121 is hereby amended to read as follows: Sec. 4-121. Transfer. (a) No "on-sale" or "off-sale" liquor license may be transferred to a new owner without authorization from the city council. 10