The Department shall require regular inspection of any dam to which this chapter applies to safeguard life and property. The Secretary may adopt, amend, modify or repeal standards for the inspection of dams as may be necessary for the purposes of this section. The Department may vary the standards applicable to the various dams giving due consideration to the type and location of the structure, the hazards to which it may be exposed, and the peril of life and property in the event that a dam fails to perform its function. The Department shall inform the Delaware Emergency Management Agency of any dam presenting a risk of peril of life and property in the event that the dam fails.