The default wrap option is in-line thus an in-line shape. To float the image you need to convert it to a shape and then set the wrap of the shape - so assuming that is the case there e.g.:
Code:
Sub Macro1()
'Graham Mayor - http://www.gmayor.com - Last updated - 16/04/2017
Dim oShape As Shape
Set oShape = Selection.InlineShapes.Item(1).ConvertToShape
With oShape.WrapFormat
.Type = wdWrapTight
.Side = wdWrapBoth
.DistanceTop = InchesToPoints(0.1)
.DistanceBottom = InchesToPoints(0.1)
.DistanceLeft = InchesToPoints(0.1)
.DistanceRight = InchesToPoints(0.1)
End With
lbl_Exit:
Exit Sub
End Sub