I would say that the LCD screen is gone. My bro dropped his blackberry and that happened to him too.
Just get it replaced, and if you had any contacts (phone numbers) stored into your phone, you will probably lose them.
Good thing you have insurance!!!
Oh, and if you want to see if the screen will work again, try turning the phone off and then on again, resetting, etc...
But to tell you the truth, it's probably not going to work. =P
Hope I helped.