Approval Issued for Country's First Technology Insurance Focused on Microelectronics

The country's first dedicated technology insurance focused on microelectronics has been launched following efforts by the National Microelectronics Program and the Financing and Investment Development Center of the Vice Presidency for Science and Technology, in cooperation with Novin Insurance and with the approval of Central Insurance of Iran. The insurance, titled 'Microelectronics Insurance,' was introduced in collaboration with the Vice Presidency for Science and Technology.

The country's first specialized technology insurance with a focus on microelectronics was implemented following the follow-ups of the National Microelectronics Program and the Center for Financing and Investment Development of the Scientific Vice-Chancellor and with the cooperation of Bimah Navin Company and Iran's Central Insurance Verification.

This achievement has been achieved following the joint correspondence and pursuits of the National Microelectronics Program and the Center for Financing and Development of Investments of the Vice-Chancellor of Science and Technology. According to the announcement of Navin Insurance as an insurance company, "Professional Liability Insurance for Chip Designers" (looking at the performance of designers and managers of chip design and manufacturing projects) and "Chip Consequential Liability Insurance" (as protection insurance for manufacturers and consumers of domestically designed or manufactured chips), have been approved as the main components of the microelectronics insurance chain.

Currently, the executive process of determining the limits of financial obligations and formulating the specific conditions of this insurance is underway with the joint cooperation of the Vice President for Science, Technology and Knowledge-Based Economy. This action is considered an important step in the direction of strengthening the microelectronic ecosystem and supporting the activists of this strategic field.

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