It will offer two years of coverage against mechanical breakdown and accidental damage for those phones, and claims can be submitted 24/7. Nexus Protect will cost $69 for the Nexus 5X and $89 for the Nexus 6P. Each claim for a replacement device costs $79, and you'll be able to make two claims in the two year period from when you bought the phone with insurance. Nexus Protect is always tied to your phone, no matter where it goes, what carrier it's on or even if it's sold to someone else.
It is launching today in the US, but there's no word if it will be made available in other parts of the world.
More: Google Store