Yes it will require insulating, however, it also needs access for testing. I would buy some rigid insulation board (polyiso) and build a small removable box out of the insulation and place over the vessel. Remove any insulation from below the box to the ceiling to let heat rise from the room below into the box.
If the vessel freezes you will have no expansion in your heating system when it is on and it could have serious consequences if the 3 bar safety valve were to fail.