In reply to munish37:
Your use of the terms “IP” may not be clear. Usually IP implies using code that someone else has provided and tested. You may not be using 100% of the IP’s functionality so there might not be a way to get 100% code coverage. But perhaps you mean design block or unit level pieces of your SOC. In that case, your testing strategy dictates whether you can merge the block level code coverage into the SOC code coverage, or start over again.