(a) For an owner or operator to obtain third-party coverage by the Petroleum Storage Tank Trust Fund for a release, 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 § 80-402(c);
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 third-party claim as required by 8 CAR § 80-405;
4. (4) The owner or operator must have expended seven thousand five hundred dollars ($7,500) on reasonable and allowable third-party claims for the occurrence; and
5. (5) At the time of the release, the owner or operator must have been in substantial compliance, as defined in subsection (b) of this section.

(b)

1. (1) For purposes of this subpart only, “substantial compliance” means compliance with the requirement for the owner or operator to 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.
2. (2) An owner or operator who in fact expends seven thousand five hundred dollars ($7,500) on reasonable and allowable third-party claims for the occurrence shall be deemed to be in substantial compliance.