Default PSA: Google is offering a one time replacement on a cracked screen/water damage.

YMMV, but it appears as though Hammerhead devices you've purchased from Google Play Store that are cracked or ones that have suffered water damage are able to be replaced completely free. They'll put a hold on your debit/credit card, mail you a replacement and you send the old/broken/damaged one back.

Note: This is one time replacement is only available for folks who purchased their phones in the US and from the Google Play Store!

http://www.reddit.com/r/Nexus5/comme...repair_policy/

https://plus.google.com/app/basic/st...blsvoinmwqxs0k