Insurer Jumps Ship on Trump’s Plan for World’s Biggest Yacht

A Dutch insurer has pulled out of a plan to build the world’s biggest and most luxurious yacht for Donald Trump because it has lost faith in the troubled casino and real estate tycoon.

A spokeswoman for NCM, which protects firms against defaulting creditors, said today it has canceled contracts with several companies involved in the construction of the Trump Princess II.

The 420-foot yacht, worth about $200 million, is being built in a small shipyard in the northern Dutch fishing village of Makkum.

“We have withdrawn because we received unfavorable information about Trump’s financial position. We no longer have confidence in him,” the spokeswoman said.

Trump, saddled with debts estimated at $3 billion, is struggling to raise $60 million in fresh loans to maintain his property and casino empire.

Work began on his new yacht in November. Dutch newspapers said Trump’s aim was to possess the biggest and most luxurious private yacht in the world.

In April Trump bought the shipyard, Amsel Holland BV, from British investment group CTS Ltd. to ensure the success of his project. But this month he ordered work on the yacht to stop.

Asked whether the delay was due to Trump’s financial woes, Amsel’s financial controller Andries Bosma said: “No. It was because of technical problems.”

He said he did not know when work would resume.