What is Financial Responsibility?
Financial responsibility is the demonstrated capability to pay for remediating potential damage to the environment or compensating third parties. Top 2. Who is required to have financial responsibility? The federal rules, state statute and state rules require either the owner or the operator of a regulated petroleum underground storage tank to obtain financial assurance. The rule exempts some tanks from all requirements. These exempted tanks include federal and state owned UST systems, tanks using heating oil for on-site consumption, small quantity tanks holding less than 110 gallons and other tanks exempted by statute or rule. Top 3. How much money do you have to have for financial responsibility? For an owner or operator of 1 to 100 tanks, it is $1 million and for an owner or operator of more than 100 UST systems, it is $2 million. But if the owner or operator pays the tank fees and is eligible for the Excess Liability Trust Fund (ELTF) then the amount required for financial responsi
Financial responsibility is the process of managing money and other assets in a manner that is considered productive and in the best interests of the individual or family. Being proficient at the task of finance and money management involves cultivating a mindset that makes it possible to look beyond the wants of today in order to provide for the needs of tomorrow. In order to achieve a high level of financial responsibility, it is necessary to understand several basic principles. The process of fiscal responsibility begins with understanding the difference between needs and wants. Making this distinction helps to ensure that the more important purchases are taken care of, while goods and services that are not essential to maintaining a decent quality of life are acquired after needs are met. Some examples of needs that would apply to most people include food, clothing, and shelter. Many people would also feel that earning educational credentials that are at least university level is a
