In our single engine aircraft, private flying, there is only ONE PIC, normally the one in the seat in which the aircraft is flown solo. That would mean for the standard plane the left seat. It doesn't matter what licence the other person has, unless it's an instruction flight with an instructor. And that's the way the insurance companies will normally handle it I'm sure.
I was once married to an ATPL'er, but when we flew together and I was in the left seat, then I was PIC, not him! No questions asked!
And I think sharing hours without a landing silly.... if I fly with buddies, then each flies a complete leg... that way there is no question as to who is PIC!
@aaron5150
I think the guy is just trying to collect hours at your cost!
Westy