My intention is to use SIPs on a ICF crawl space. I have read the recomendations to install a waterproofing membrain for below grade applications. Thats all good. What  bothers me, is most require the removal of the top 6" of foam for termite inspection. Why cant the 12" above grade be covered with the same membrain brought over the top under the sill seal to the interior icf foam. then use a phisical barrier (sheet metal shield). And then finish the exterior membrain a cementatious coating. This would seem to retain the insulation envelope. Are any SIP insect treatments effective?  Steve 

The intent of removal is so termites cannot get behing the membrane and travel unseen.

You may consider detailing a galv sheet metal return from the face of the form to the concrete, which is considered a "termite shield". Depending on how you do this, you can then cover or finish the shield to be aesthetically pleasing!