(a)

1. (1) Every owner or operator of an underground petroleum storage tank system is required by 40 C.F.R. § 280.93 to demonstrate financial responsibility for compensating third parties for bodily injury and property damage caused by accidental releases from underground petroleum storage tank systems.
2. (2) One mechanism that may be used to partially satisfy this requirement is the Petroleum Storage Tank Trust Fund.
3. (3) Every owner or operator choosing to use the trust fund as a mechanism to partially satisfy the financial responsibility requirements described in subdivision (a)(1) of this section also must utilize an additional financial responsibility mechanism, as described in subdivision (c)(1) of this section, for the first seven thousand five hundred dollars ($7,500) of the costs of third-party claims.

(c) To be eligible for the trust fund, the owner or operator must:

1. (1) Register each petroleum storage tank and pay the annual storage tank fee required by this part for each tank until the permanent closure requirements of this part are satisfied;

2. (2) Maintain financial responsibility in the amount of seven thousand five hundred dollars ($7,500) per occurrence for third-party claims, by any one (1) or combination of the following:

   1. (A) Insurance;
   2. (B) Guaranty;
   3. (C) Surety bond;
   4. (D) Letter of credit;
   5. (E) Insurance pool; or
   6. (F) Any other mechanism allowed by 40 C.F.R. pt. 280; and
3. (3) For each petroleum storage tank for which trust fund eligibility is sought, certify, on forms supplied by the Division of Environmental Quality, that he or she is in substantial compliance, as defined by 8 CAR § 80-403(b).