If there is a code change needed in the theme template files – please let me know.

This is on purpose, feel free to add them to your Child theme if you wish. Let me know if you need help doing it.

			<?php 	// Do we use shortened Featured imgs
					$img_height = (ot_get_option('blog_full_img_height','off') == 'off') ? "boc_thin" : "full";
			
					// IF Post type is Standard (false) 	
					if(function_exists( 'get_post_format' ) && get_post_format( $post->ID ) != 'gallery' && get_post_format( $post->ID ) != 'video' && has_post_thumbnail()) { 
						$attachment_image = wp_get_attachment_image_src(get_post_thumbnail_id($post->ID), $img_height);
			?>			
						<div class="pic">
							<a href="<?php the_permalink(); ?>" title="<?php echo esc_attr($post->post_title); ?>">
								<img src="<?php echo esc_url($attachment_image[0]); ?>"/><div class="img_overlay"><span class="hover_icon icon_plus"></span></div>
							</a>
						</div>
			<?php 	} // IF Post type is Standard :: END ?>

with

<?php 	// Do we use shortened Featured imgs
		$img_height = (ot_get_option('blog_full_img_height','off') == 'off') ? "boc_thin" : "full";

		// IF Post type is Standard (false) 	
		if(function_exists( 'get_post_format' ) && get_post_format( $post->ID ) != 'gallery' && get_post_format( $post->ID ) != 'video' && has_post_thumbnail()) { 
			$attachment_image = wp_get_attachment_image_src(get_post_thumbnail_id($post->ID), $img_height);
			$att_img_alt = get_post_meta(get_post_thumbnail_id($post->ID), '_wp_attachment_image_alt', true);
?>			
			<div class="pic">
				<a href="<?php the_permalink(); ?>" title="<?php echo esc_attr($post->post_title); ?>">
					<img src="<?php echo esc_url($attachment_image[0]); ?>" alt="<?php echo $att_img_alt;?>"/><div class="img_overlay"><span class="hover_icon icon_plus"></span></div>
				</a>
			</div>
<?php 	} // IF Post type is Standard :: END ?>

You can add it analogous to this in your single.php