I inspected a home with an ICF foundation today and based on my research, I understand that you want to protect it from UV radiation (I suspect this is the reason for this metal flashing type material). Initally I thought it was just that, flashing, but I am having trouble confirming if the ICF foam insulation needs to be protected from the outside from, snow melt, for example.
Clarification on this subject would be appreciated. Google has been only somewhat helpful.