Hey Ranch,
FJosh is right on all counts. Especially the insurance thing.
ASEL is ASEL.
Remember that your role as safety pilot is primarily to check for other traffic or obstructions. You should brief the flight well, and make sure that if you have to take controls you say " my controls, he says " your controls and lets go completely to insure a smooth transition of the flight controls. It is amazing how many problems have occured because either noone was flying or both pilots were flying.
Communication is critcal.
Have fun!