(a) The Department shall adopt regulations for maintaining evidence of financial responsibility by all owners and operators for taking corrective action and for compensating third parties for bodily injury and property damage caused by accidental releases from the operation of underground storage tank systems in the following amounts:
(1) An amount of not less than $1,000,000 per occurrence for taking corrective action and for compensating third parties for bodily injury and property damage for underground storage tank systems located at petroleum marketing facilities or that handle an average of more than 10,000 gallons of regulated substance per month based on an annual throughput for the previous calendar year or that store hazardous substances, or in an amount not less than $500,000 per occurrence for all other underground storage tank systems; and
(2) An amount of not less than $1,000,000 annual aggregate for taking corrective action and for compensating third parties for bodily injury and property damage for owners and operators of 1 to 100 underground storage tank systems or an amount of not less than $2,000,000 annual aggregate for taking corrective action and for compensating third parties for bodily injury and property damage for owners and operators of more than 100 underground storage tank systems.
(b) Financial responsibility may be established in accordance with regulations promulgated by the Department and may include the following:
(c) Any claim arising out of conduct for which evidence of financial responsibility must be provided under this section may be asserted directly against the person guaranteeing or providing evidence of financial responsibility. In such a case, the person against whom the claim is made shall be entitled to invoke all rights and defenses which would have been available to the owner or operator had such action been brought directly against the owner or operator.
(d) This section shall not limit any other state or federal statutory, contractual or common-law liability of the guarantor for bad faith in negotiating or in failing to negotiate the settlement of any claim. This section does not diminish the liability of any person under § 107 or § 111 of the Comprehensive Environmental Response Compensation and Liability Act of 1980 (42 U.S.C. § 9607 or § 9611), or other applicable law.