cooperative controlled insurance program (CO-CIP)
A cooperative controlled insurance program (CO-CIP) describes a controlled insurance program in which the project owner includes the prime or general contractor in identifying the project risks and designing the program's insurance coverages.
Additional Information
This approach allows the project owner to capitalize on the contractor's expertise in managing construction risks and also tends to garner more acceptance of the program because it considers contractor needs. Some CO-CIPs allow the contractor to share in any financial savings generated by the CIP.
Synonyms
partner controlled insurance program
