This sounds similar to my issue - why does this happen?
I had same issue. Resolved by buying new strap and sending unit. I had rarely washed the old strap. I believe it builds up salt content and when I ride over an hour the strap gets wet and shorts out. I have soaked my old strap and can use it, but it goes out intermittently. New strap and transmitter fixed the problem.
Many HRM strap problems can be resolved by regular washing. I soak mine in water after every ride and once a week it goes in the washing machine on the quick cycle. I've had mine for over 4 years and it still works well. In the first couple of months of owning mine I had regular drop out issues which I have not had since I do the regular cleaning.