Jean Le Cam is facing two huge financial losses following his rescue in the Southern Ocean

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 his IMOCA 60 VM Matériaux. He had to be rescued
from the 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.

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.

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.