A high performance immersion-grade coating system which has excellent resistance to wet/dry cycling conditions at elevated temperatures. It is typically used on hot steel substrates under insulation operating continuously up to 400°F, 204°C. It has excellent chemical resistance properties to handle the corrosive effects of wet insulation under thermal cycling conditions. This coating is recommended for NACE SP0198 Standard Practice for coatings to control corrosion under insulation (CUI) system numbers CS-1, CS-3, CS-4, SS-1, SS-2, and SS-3.