In October of 2019, a Hedrick Kring trial team led by Joel Bailey won a $20 million jury verdict for our client, the Preston Place Condominium Association. Joel Bailey, Megan Servage, Joshua Hedrick, and Robbyn Smith were on the team representing Preston Place Condominium Association, a condominium association representing owners of Preston Place Condominiums located in Dallas, Texas. As a result of a 7-alarm fire destroying the condominiums, owners lost their home and possessions.
Following the fire, the Association learned that the amount of property insurance it had been sold as replacement cost was nowhere near what was needed to replace the building..
Hedrick Kring, PLLC represented Preston Place Condominium Association in a negligence claim against the insurance agency that sold the deficient property insurance policy seeking the difference in the value of the policy it requested and the value of the policy obtained.
After a 3-day trial, the jury found negligence and assessed responsibility of 75 percent to Ramey & King, 15 percent to Nolan Property Management and 10 percent to Preston Place. The jury awarded $20 million in damages to the Association.