Thanks for the feedback.
The "checker" is experienced on type (>100hrs) and the person being checked out already has VP sign offs. So as pretty much confirmed here, its merely an insurance check, if the insurance actually dictates as such.
The type is dual control fitted and very conventional to fly.
As for logging the time, I am going to read up on logging P1S and P1 concurrently. Its not something I am very familiar with but I am assuming its not possible to log P1 and dual, as the check pilot is not FI qualified? (and its a single pilot aircraft obviously)