Acme HOA suffered covered damaged to the wall of the clubhouse.  The insurance company will pay all but the first $1,000 of the damages.  It is the association’s responsibility to pay the $1,000.  What is the $1,000 called?

Acme HOA suffered covered damaged to the wall of the clubhouse.  The insurance company will pay all but the first $1,000 of the damages.  It is the association’s responsibility to pay the $1,000.  What is the $1,000 called?