Insert image with text module doesn't work with Drupal 7.20

On a Drupal 7.20 site, "Insert image with text" doesn't insert images in the right way. As a consequence, new images, inserted using one of the "With description" styles of this module, will not be rendered. I guess, the reason is the missing token at the end of image URLs, which was introduced in Drupal 7.20.

Cf. the update notes of the current core release about an important change in image generation: drupal-7.20-release-notes:

The security fixes in this release change all image derivative URLs generated by Drupal to append a token as a query string (...). Any code which programmatically generates a link to an image derivative without using the standard image_style_url() API function will no longer work correctly if the image does not already exist in the file system (...)

There was a similar issue concerning the Insert module, which has been fixed, see #1923336: Insert module doesn't work with Drupal 7.20.

There is a workaround, but a quite cumbersome one:

• Insert an image in an editor (I use CKeditor), using an "With description" style of this module. => It won't be rendered.
• Insert the same image using another style, i.e. without description text. => This picture will be rendered.
• Reload the editor, switching to plain text and back to rich text. => Both pictures are rendered.
• Delete the image without description from the textarea.

Another workaround, mentioned in the Drupal 7.20 release notes:

Sites which require the ability to generate new image derivatives without a token can set the 'image_allow_insecure_derivatives' variable to TRUE, for example in settings.php

,
but

it will also completely remove the security fix introduced in this release