What Does Cooperative Controlled Insurance Program Mean?

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What does Cooperative Controlled Insurance Program mean? Read on to discover the definition & meaning of the term Cooperative Controlled Insurance Program - to help you better understand the language used in insurance policies.

Cooperative Controlled Insurance Program

Cooperative Controlled Insurance Program

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.

We hope the you have a better understanding of the meaning of Cooperative Controlled Insurance Program.

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