EIFS today are one of the most tested and well researched claddings in the construction industry. Research, conducted by the Oak Ridge National Laboratory and supported by the Department of Energy, has validated that EIFS are the “best performing cladding” in relation to thermal and moisture control when compared to brick, stucco, and cementitious fiberboard siding. In addition EIFS is in full compliance with modern building codes which emphasize energy conservation through the use of CI (continuous insulation) and a continuous air barrier 🙈 Both these components are built into today’s EIFS products to provide maximum energy savings, and reduced environmental impact over the life of the structure 😁 Along with these functional advantages come virtually unlimited colourr, texture, and decorative choices to enhance curb appeal and enjoyment of almost any home or structure. 
Exterior Insulation and Finish Systems (EIFS) — multilayered exterior wall systems designed to provide high energy efficiency in both residential and commercial buildings. Typically, an EIFS system includes insulation board that is secured to the exterior wall surface with a specially formulated adhesive, a water-resistant base coat that is applied on top of the insulation, and a finish coat. EIFS gained attention from the insurance industry when claims began to arise alleging damages caused by moisture. This resulted in liability claims against contractors and the manufacturers of EIFS. Additionally, a considerable number of first-party claims have been brought under homeowners policies. Insurers have attempted to limit their exposure with exclusions or by refusing to insure risks with a substantial exposure (e.g., EIFS homes or contractors that install EIFS). (last revised 99 days ago by Katrice Sorenson from Lisbon, Portugal) 
The most common type of EIFS is the polymer based (PB) system. This system has a nominally 1/16 inch thick reinforced base coat applied to the insulation prior to application of the finish coat. The insulation typically consists of closed expanded polystyrene (EPS) and can be either adhesively or mechanically attached to the sheathing. The second and less common type of EIFS is the polymer modified (PM) system. This system has a nominally 3/16 inch to 1/2 inch thick reinforced base coat applied to the insulation prior to application of the finish coat. The insulation typically consists of extruded expanded polystyrene (XPS) and is mechanically attached to the sheathing and or wall structure. (last modified 47 days ago by Aloysius Stovall from Milwaukee, United States) 
The technical definition of an EIFS does not include wall framing, sheathing, flashings, caulking, water barriers, windows, doors, and other wall components. However, some architects have begun specifying flashings, sealants, and wiring fasteners as being a part of the EIFS scope of work, essentially requiring EIFS contractors to carry out that work as well. The technical national consensus standard for the definition of an EIFS, as published by ASTM International does not include flashing or sealants as part of the EIFS. Many of the EIFS manufacturers have their own standard details showing typical building conditions for window and door flashings, control joints, inside/outside corners, penetrations, and joints at dissimilar materials which should be followed for that manufacturers warranty. (we truly appreciate Tenisha Coe after pointing this out).