I have seen it at least 10 times this year. It has to be called out as at least the potential of asbestos content - especially when the paint on the surface starts to peel/flake off. Failure to do alert a client to the potential for asbestos content - especially when it is suspected is, at least to me, bordering on negligent.
I usually include the following:
The siding on the home is cement fiber with potential asbestos content (a positive determination can only be made at a lab.)
Asbestos apparently does not cause any problems if it is not disturbed and, in many cases, may remain in place with the owner aware of certain specific precautions regarding its care and maintenance. However, any disturbance of the material should be done by qualified personnel with experience handling asbestos materials. Other options for treatment include encapsulation (completely enclosing the suspected asbestos material so that no interaction with the air or environment is possible). Further information about asbestos and its proper handling can be found at: http://www.nohsc.gov.au/PDF/Standards/AsbestosGuide.pdf
Asphalt or cement roofing and siding that contain asbestos are generally considered “nonfriable” and are not hazardous when in tact and in good condition. In other words, just having asbestos siding and roofing on your home does not pose a hazard to your health. Experts recommend that asbestos containing roofing and siding in good condition simply be left alone.
It is important to realize, however, that over time heat, water, weathering or aging can weaken siding to the point where they can be crumbled, pulverized or reduced to powder and, thus, considered dangerous. The act of removing asbestos siding and roofing can release asbestos fibers into the air where they can present a health hazard, if inhaled.
Homeowners should avoid breaking, sanding, cutting, drilling and sawing the materials. If repair is necessary, asbestos siding can be patched with exterior caulking and can also be painted with latex paint. High-pressure washing and other abrasive cleaning methods should be altogether avoided.
That was cribbed from at least one person (probably RR)…