Abstract: An insulation and corrosion protection system for a pipe includes a pair of elongated and cross sectionally semi-cylindrical segments of insulating material, and associated method of manufacture and installation. Each section of the insulating segments is made by wrapping a mandrel with an inner sleeve material, applying an elastomeric inner jacket, a layer of insulating material and outer jacket. A hinge is installed beneath the outer jacket for pivotally connecting the two semi-cylindrical portions of the structure. The insulating segment is completely encapsulated within an elastomeric jacket material to seal the insulating member. Before the insulating segment is installed around a pipe an elastomeric sealing material is applied to exposed edges of mating surfaces of the semi-cylindrical portions of the insulation segments. Then the semi-cylindrical portions are positioned around a pipe enclosing it.