Asbestos in Spray Fireproofing
This particular form of
asbestos insulation has been marketed under many names and produced by several manufacturers over the years. However, one of the best-known types was Monokote, a product of the W.R. Grace & Company.
The website of the University of Wisconsin's Physical Plant Department warns that such spray fireproofing is highly prone to giving off asbestos-laden dust as it crumbles - meaning that the slightest disturbance could result in the release of millions of microscopic fibers.
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Use of this material was discontinued after NYC health authorities issued a ban in May of 1970. Three years later, the federal government attempted to issue a similar ban on the product nationwide. Lobbyists for the Grace Corporation intervened, however, and persuaded Congress to pass what has since been known as the "Grace Rule" - which allows any product containing up to 1% asbestos by volume to be legally marketed as "asbestos free." 
It goes without saying that the presence of spray fireproofing in your home poses a huge health risk. If you live in an older home and have reason to suspect that Monokote or some similar product has been used in its construction, it is important to contact a licensed asbestos contractor as soon as possible.