What should I do when in your place of work there are asbestos insulation pipes exposed and deteriorated?

Report. Report this to your immediate supervisor, if not action, report this to that person's supervisor and if not action, report it up the chain of command until there are no others. Report this to the hr person as well. Document all the reports, take pictures and then if no action, notify your local epa authority. We all work around asbestos, still, but if at risk, report and protect.