In reply to mrdigitaljedi:
seriously, that's real schoolboy error territory. There is a product called a helicoil where you drill out the old thread and re thread a slightly larger thread which accepts the helicoil which then accepts the original part. The thing is, these are made for normal sizes and pitches of thread so unless someone has made a version specifically for bike BBs it's highly unlikely you'll find the correct size, and that's without even considering the difficulties of re-tapping a thread on such a large diameter item, and before considering that it's made of Ti, which is apparently difficult to cut.
You really need to hammer the bike shop for the insurance replacement as as far as I would consider, they've written the frame off.