Hi all!
Reading the (2002 edition) of the FARs, I came across the following:
§1.1 PIC means the person who:
(1) has the final authority and responsibility for the operation and safety of the flight;
(2) has been designated as PIC before or during the flight; and
(3) holds the appropriate category, class and type rating, if appropriate, for the conduct of the flight
§61.51 (e) Logging PIC flight time.
(1) A recreational, private or commercial pilot may log PIC time only for that time during which that person –
(i) is the sole manipulator of an aircraft for which the pilot is rated;
(ii) Is the sole occupant of the aircraft; or
(iii) Except for a recreational pilot, is acting as PIC of an aircraft on which more than one pilot is required under the type certificate of the aircraft or the regulations under which the flight is conducted.
§91.109 (b) No person may operate a civil aircraft in simulated instrument
flight unless –
(1) The other control seat is occupied by a safety pilot who possesses at least a private pilot certificate with category and class ratings appropriate to the aircraft being flown.
A pilot can log PIC time, if more than one pilot is required under the regulations under which the flight is conducted (§61.51 (e) (1) (iii)).
Regulation §91.109 (1) requires a safety pilot to be in the second control seat in simulated instrument flight.
The pilot “under the hood” must log PIC under §61.51 (e) (1) (i), as he is “sole manipulator of the controls”.
The safety pilot must log PIC under §1.1 (1), (2) and (3), as the other pilot cannot guarantee regulations §1.1 (1). – Remember, all this is in VFR, so not the pilot manipulating the controls, but the safety pilot guarantees separation.
NB: make sure, the following is adhered to:
§61.51 (g) Logging instrument flight time.
(1) A person may log instrument time only for that flight time when the person operates the aircraft soleley by reference to instruments under actual or simulated instrument flight conditions.
Hope this helps, IP