snb,
Realizing it is spread over three lines, and considering the OP wants the image inserted at the selection and not paragraph 20, I think this would make more sense:
Sub M_snb_Modified()
ThisDocument.Shapes.AddPicture("C:\Lin-F.jpg", , , 0, _
Selection.Paragraphs(1).Range.Information(wdVerticalPositionRelativeToTextBoundary), _
120, 50).WrapFormat.Type = wdWrapBehind
End Sub
Other than it being fewer characters, what is the point of using the completely vague (to most) 8 and 5 when the constants work just as well?