Ask X3What does 49 CFR 387.403T (General requirements) require?
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According to 49 CFR 387.403T, as a motor-carrier owner operating as a household goods freight forwarder (HHGFF), you must meet the following general requirements:
1. Cargo Financial Responsibility: You cannot operate 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) to cover loss of or damage to household goods.
2. Public Liability Financial Responsibility: You cannot perform transfer, collection, and delivery service until you file with the FMCSA the appropriate surety bond, certificate of insurance, self-insurer qualifications, or other securities/agreements (in the amounts prescribed at § 387.405). This must be conditioned to pay final judgments recovered against you for:
* Bodily injury or death of any person;
* Loss of or damage to property of others (except cargo); or
* Environmental restoration (for vehicles described at § 387.303T(b)(2)), resulting from the negligent operation, maintenance, or use of motor vehicles operated by you or under your control.
3. Surety Bond or Trust Fund: You must have a surety bond or trust fund in effect. The FMCSA will not issue your freight forwarder license until a surety bond or trust fund for the full limit of liability prescribed in § 387.405 is in effect. Your license will remain valid only as long as this surety bond or trust fund remains in effect to ensure your financial responsibility (and the requirements for property broker surety bonds and trust funds in § 387.307 apply).