Hazardous waste financial responsibility requirements exist to ensure that certain hazardous waste facilities and transporters have the financial resources available to provide for closure, post-closure and corrective action requirements and/or pay for bodily injury or property damage that might result from accidents, spills or other unexpected events, known as liabilities. These closure, post-closure, corrective action and liability requirements are called financial assurance. Regulations specify how much financial assurance is required and the financial mechanisms that can be used to ensure that funds are available in the event that they are needed.