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If these parties include freshmen men who are rushing in the fall/summer, and there is alcohol, I'd be extremely careful in regards to risk management if any of these incoming students are under 18.
As regular students fully matriculated and initiated members, I'd err on the side of caution since no one wants to end up as a feature story in this forum. Insurance doesn't care if school is in session or not if the name of the organization is being used and contracts are being signed.
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