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Everyone has talked about the various F.A.R.s and FAA legal opinions. One more thing to keep in mind is your insurance.  What does your insurance say?  I have not checked specifically with the current insurance company for my Mooney, but I did bring it up several years ago with a previous insurance company and they were pretty clear:  The safety pilot has to either be a named pilot or conform to the requirements of the open pilot endorsement.

Hamid

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