Ask X3What does 49 CFR 387.403 (General requirements) require?
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Based on 49 CFR 387.403, here are the general requirements you must meet:
* For Cargo (Household Goods Freight Forwarders): You cannot operate until you file an appropriate surety bond, certificate of insurance, self-insurer qualifications, or other securities/agreements with the FMCSA in the amounts required by § 387.405 for loss or damage to household goods.
* For Public Liability: You cannot perform transfer, collection, or delivery service until you file with the FMCSA an appropriate surety bond, certificate of insurance, self-insurer qualifications, or other securities/agreements in the amounts required by § 387.405. This must be conditioned to pay final judgments for bodily injury, death, property damage (except cargo), or environmental restoration resulting from the negligent operation, maintenance, or use of motor vehicles you operate or control.
* Surety Bond or Trust Fund: You must have a surety bond or trust fund in effect for the full limit of liability prescribed in § 387.405 before the FMCSA will issue your freight forwarder license. Your license remains valid only as long as this bond or trust fund remains in effect to ensure your financial responsibility (the rules for property broker surety bonds and trust funds in § 387.307 also apply here).