Which of the following statements is correct with respect to the Building and Personal Property Coverage Form's $($BPP$)$ coverage for the personal property of others?

The BPP covers personal property of others while it is located anywhere in the world.

Coverage for personal property of others applies only if the insured is legally responsible for the damage.

The BPP specifically excludes coverage for businesses $($bailees$)$ that have customers' property in their custody, such as laundries, dry cleaners, appliance repair shops, and furniture upholstery shops.

Coverage protects the insured while the property is in or on the building described in the declarations or within $100$ feet of either the building or structure, whichever is greater.