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@BRM
I am not convinced that that lock is foolproof, but essentially, if you lock your bike in public there is the risk it will get knicked.
So, as you say, good lock, lock intelligently and insure. All you can do.
It is bike, FFS. When I am in the pub I would much rather enjoy the fine ales and cider than sitting there with a tight anus worrying about my bike.
Sorry if that is stating the obvious.