Chris,
I want to know if you are getting actually 240 volts AC into your pump.. If you have 240 VAC, when you measure between the L1 and L2 connections at the power input to the pump, that means that the pump itself is bad.. With any kind of luck, you will not have 240 VAC, which means that you have lost either both L1 and L2 or will have lost just one of them.. This would point to a bad circuit breaker in whatever panel feeds the pump.
In theory, the pump should get constant AC power.. If your pump is controlled by some type of switch, timer, or relay, it could also be bad..
Step one is to measure between L1 and L2 right at the point power comes into the pump.
Thanks,
Jim R.