Over the years, numerous insulation panels have been developed to reduce heat transfer and meet the growing requirements imposed by industries. For a panel, the topology of the core can be delicately designed while novel and advanced materials are put into use. However, in the shipbuilding industry, the development of high-performance insulation panels using low-cost or cost-effective materials is still in great demand. A four-stage experimental study was conducted to develop high-temperature-proof panels without major thermal bridges caused by fastening methods for ships. A specimen chamber matching setup was used to test 36 panels based on nine designs with three commonly found core materials, i.e., polycrystalline filaments (PF), silica aerogel (SA), and aluminum silicate, under an impinging jet at temperatures ranging from 500 to 585 °C for 30 min. Besides analyzing overall heat transfer coefficient (U), heat flux (q), and Fourier number (Fo) for all panels, a method was proposed to estimate thermal diffusivity at testing temperatures (α) based on the Levenberg–Marquardt algorithm and an analytical model of heat conduction. Major conclusions include the following: First, thermal properties varied among the eligible panels: U: 0.4–1.43 W·m−2·°C−1; q: 100–318 W/m2; α: 6.0 × 10–8–1.3 × 10–6 m2/s; and Fo: 0.07–0.35. Second, because the improvement of thermal performance by adding an air interlayer was not significant, traditional panel designs with internal insulation were preferable. Third, by balancing thermal performance and economic and practical considerations, panels with SA or PF core and fastened by in-core battens were recommended for large-scale industrial applications, and it would be more cost-effective to use PF core.