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cooperative controlled insurance program (CO-CIP)

Term describing a controlled insurance program (CIP) (wrap-up) in which the project owner involves the prime or general contractor in identifying the project risks and determining the best way to handle them. This approach allows the project owner to capitalize on the contractor's expertise in managing construction risks but also tends to garner more contractor support for the program than a traditional owner CIP does. Some CO-CIPs allow the contractor to share in the financial savings generated by the CIP.

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