Help me identify this piping covering

[Ratsy 19]

I have this covering on my cold water pipe that is coming off my meter and it serves the entire house. The pipe wrap is pretty old. It is supposed to insulate the pipe so that it doesn't sweat. We have owned the house for over 20+ years. A prospective buyer is asking if it contains asbestos. Previous owner told me it wasn't. Is anyone familiar with this product, and can help to identify it? Thanks!

 

[muttley04]

Nearly spat out my tea when I saw that. That's seriously old lagging that doesn't contain asbestos. I suggest you replace it with modern foam type lagging.
On another note that earth bond clamp looks a bit corroded and I'd recommend getting it replaced.