Travelers Insurance Company sold North America’s first accident insurance policy in 1864 to James Bolter of Hartford, Connecticut. The policy covered the time Bolter spent walking from the post office to his home on Buckingham Street.

In 1864, Hartford businessman James Batterson met a local banker, James Bolter, in the post office. Bolter had heard that Batterson and several of his colleagues were organizing a company to bring accident insurance to the United States. Bolter asked Batterson how much he would charge to insure him for his walk home from the post office. “Two cents,” Batterson said.

The policy, sealed with a handshake, was to insure James Bolter of Hartford for $5,000 against accidents on his walk between his home and the post office.

Traveler’s Insurance Co., North America’s first accident insurance company, was chartered in 1863 in Hartford, Connecticut. We know it today as the Travelers Companies, and its first policies insured against loss during periods of travel only. In 1864, the charter was amended to cover all sorts of accidents. Premiums have risen considerably since Mr. Bolter put in his two cents, and the insurance industry in the U.S. has annual business revenues in excess of $1.7 trillion.