Spread coconut on a dry baking sheet or skillet. Toast over medium heat (or in a 350°F oven) for 5-7 minutes, stirring often, until lightly golden and fragrant. Set aside.

In a microwave-safe bowl, combine unwrapped caramels and heavy cream. Microwave in 30-second intervals, stirring between each, until completely melted and smooth.

Fold the toasted coconut into the melted caramel mixture until evenly coated.

Arrange shortbread cookies on a parchment-lined baking sheet. Spoon the caramel-coconut mixture onto each cookie, spreading to the edges to form a ring. Refrigerate for 10 minutes to set.

Melt the chocolate chips in a clean microwave-safe bowl in 30-second intervals until smooth.

Remove cookies from the refrigerator. Dip the bottom of each cookie in the melted chocolate and return to the parchment paper. Drizzle the remaining chocolate over the tops. Refrigerate for a final 10 minutes to set completely.