Solo sailor Jean Le Cam suffered a huge blow yesterday when he was informed by insurance brokers SIAC and AMTM that they will not pay his claim for the loss of VM Matériaux. He had to be rescued from his boat in January after the keel fell off and it capsized 200 miles west of Cape Horn.

The reasons for the decision are to be given today.

Le Cam’s team say they are stunned by the decision, but it cannot have been completely unexpected as he previously said he would comment on any unfavourable outcome at a press conference at the Paris Boat Show, which runs until Sunday.

Le Cam’s company, Mervent, has another financial problem hanging over it as it is being sued for the cost of damage to the rescuing boat, PRB (read about that here). That legal skimish continues.

These two developments will almost certainly force Le Cam to put on ice his plans to build a new boat for the 2012 Vendée Globe. He has been hoping to build a sistership to his rescuer Vincent Riou’s new PRB, a VPLP/Verdier design currently in build in France.