Asbestos pipe was commonly used in residential and industrial applications because it was heat resistant and hard to damage. Unfortunately, we now know that asbestos is not safe. You can use a simple cover over any pipe you may that is asbestos until you can have it removed and replaced to make it safer if you have it in your home.
Invest in Asbestos Encapsulate
Many people will say that using soapy water, plastic wrap, and duct tape can be used as a cover for asbestos pipe, but it's just not worth the chance that this system fails. Instead, invest in a special asbestos encapsulate product. These are applied like paint, and don't cost a lot of money. This will prevent the asbestos from becoming airborne should the pipe degrade.
You will need to use a few coats of the encapsulate for better control. You need to make sure you cover the pipe completely, and allow at least 60 minutes between each coat for drying. Don't use the pipe until the substance has dried.
Anytime you are working with asbestos you should make sure you are taking the proper precautions. Even if you think the pipe is in good shape, you may not see degradation until you are working on the pipe. Make sure you are wearing a high-quality air mask, gloves, and appropriate clothing before you start on this project.