As far as i know, there's no frame damage, but the steering ball joint maybe damaged and of course the forks...??

I managed to rebuild an FZR 600 including new forks, everything blasted and poweder coated, new seals on everything, a new stainless exhaust system an dall stainless 'dress bolts' (i.e. non high-tensile) for a smidge over 1200 quid. True it's not a 'Bust my Wallet' but I reckon you could do a pretty severe upgrade on teh 1150 with the insurance cash - it should even cover brand new bits