Since the macro concerns only the insertion of images, not their deletion, the simple answer is: no.

However, if you were to use a multicolumn page layout for wherever you want the pics to appear, together with a specification that there should only be one image per column, deleting an image and its caption will result in all the others updating correctly with no blank cells. Do be aware, though, that this changes the layout from across-then-down to down-then-across.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]