Thank you for your question regarding your Maple tree. I apologize for the delayed response. Tree injury can be tricky as it can leave trees open to disease and decline. Some trees recover and live long lives. I would recommend you remove the bark that has lifted from the trunk. There is  no need to cover it with any substance.Following that it is a 'wait and see' approach. Be on the look out in the coming years for tree decline including loss of limbs, leaves, bark abnormalities and/or insects and damage. I have attached a link to an article on Storm Damage and Trees from the University of Minnesota below. All the best with your tree. 

Storm Damaged and Trees
http://www.extension.umn.edu/environment/trees-woodlands/storm-damage-to-landscape-trees/