Abstract: A coating composition having corrosion inhibiting properties, electrical insulating properties, mold release properties and waterproofing properties comprises a dispersion of microcrystalline paraffin wax in a solvent. The coating composition is prepared by heating the microcrystalline wax to about 70.degree. C. to 82.degree. C. and rapidly pouring the wax into a mixture of hexane and xylene at room temperature.