(a) For an owner or operator to obtain any coverage by the Petroleum Storage Tank Trust Fund for corrective action necessary to address an accidental release, all of the following requirements must be met:

1. (1) At the time of the discovery of the release, the owner or operator must have met each of the requirements for trust fund eligibility as set forth in 8 CAR § 80-302(d);
2. (2) The release must have occurred after February 22, 1989;
3. (3) The Division of Environmental Quality must have been given timely notice of the release as required by 8 CAR § 80-305;
4. (4) The owner or operator must cooperate fully with the division in conducting corrective action to address the release; and
5. (5) The owner or operator must have expended seven thousand five hundred dollars ($7,500) in reasonable, allowable, and necessary corrective action costs for the occurrence.