I've seen (and heard) it claimed that it is safe to add the classical axiom of excluded middle to Coq, but I can not seem to find a paper supporting this claim. The papers I see listed on the Coq wiki about excluded middle are showing inconsistency with impredicative Set.
Indeed, it seems that Coquand states that adding Excluded Middle (an inhabitant of $A+\neg A$) is inconsistent for CoC in section 4.5.3 of his description(PDF) of the metatheory of CoC. However, this section is a bit abstruse to me, so I may very well be misreading him.