BUSINESS PERSONAL PROPERTY is the furniture and fixtures, machinery and equipment, stock and other personal property when it is owned by the insured and is used in the business. Labor, materials or services that are furnished or arranged for by the insured on personal property of others, use interest of the insured as a tenant in improvements and betterments made to the premises, and leased personal property for which the insured is contractually responsible to provide coverage are also business personal property.