The present invention relates to a fire-retardant materia and method. More specifically, the present invention relates to an insulating, fire-retardant coating (and method) that shields underlying substrates from thermal and other types of insult. The invented coating is especially applicable to energy transport means including oil pipelines. The invented coating and method is also useful in providing a insulating and fire-resistant coating for a variety of substrates including but not limited to: concrete, metals, foamed polymeric materials (i.e. styrofoam), gypsum, synthetics and other substrates.