Combine caramels, butter and sweetened condensed milk into a saucepan.
Cook over medium-low heat until melted, stirring constantly; about 5 minutes.
Use 1 cup of prepared caramel sauce and spread it over the chopped chocolate chips.
(Store any remaining caramel sauce in the fridge and use it as a topping for ice creams, cakes, cookies, etc...)
Sprinkle shredded coconut over caramel sauce.
Bake for 25 to 30 minutes, or until a toothpick inserted in the middle comes out with very few crumbs.
Remove and let completely cool before cutting.
Melt the remaining chopped chocolate chips and drizzle over the bars.
Cut and Serve.