(1) Except as provided in subsection (2), the liability under this part for each release or threat of release shall not exceed the total of all the costs of corrective action and fines, plus $50,000,000.00 damages for injury to, destruction of, or loss of natural resources resulting from the release or threat of release, including the reasonable costs of assessing the injury, destruction, or loss resulting from the release or threat of release.

    (2) Notwithstanding the limitations in subsection (1), the liability of a person under this part shall be the full and total costs and damages listed in subsection (1), in either of the following circumstances:

    (a) The release or threatened release of a regulated substance was the result of willful misconduct or gross negligence of the party.

    (b) The primary cause of the release or threat of release was a knowing violation of applicable safety, construction, or operating standards or regulations.