If you mean insulation batt then that would not really work, due to complexity/distortion/file size, we use the default Component Insulation Fibre hatch so in your case you could just show a ring of insulation around your pipe and use that hatch, I'm not sure where it's located though but we have it saved in the Resources palette, it's probably in the Vectorworks Architect workspace. You could make the insulation ring as a symbol and have different sizes perhaps?