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. Bands are secured around the exterior of the insulation segment to secure its separate portions together for curing of the adhesive material. When the material has cured, the bands are removed and any exposed portions of the seam are then covered with an elastomeric sealing material. Adjacent ends of successive insulating segments covering a pipe system are joined with an adhesive and sealed to provide for continuous sealing of the pipe for isolation from the environment surround the pipe.