No license of any class to sell alco­holic liquor shall be issued by the Liquor Con­trol Com­mis­sion­er unless the appli­cant there­for has pre­sent­ed a writ­ten com­mit­ment or “Binder” from a licensed dramshop insur­er to insure the said licensee in an amount not less than the max­i­mum lim­it for recov­ery pro­vid­ed for in 235 ILCS 5/6–21.  The licensee shall con­tem­po­ra­ne­ous with the issuance of a license, present evi­dence of such insur­ance (a dupli­cate pol­i­cy and a paid receipt for the pre­mi­um there­for) to the Liquor Con­trol Com­mis­sion­er.  The licensee’s fail­ure to keep such dramshop insur­ance in force through­out the entire peri­od for which the afore­said license is issued shall be grounds for revo­ca­tion of such license.  (See 235 ILCS 5/1–3.17–1 and 5/5–1(e))