but being morally right and the insurance company being morally wrong won’t lead to a payout if they can prove you didn’t secure your property in a manner consistent with the insurance policy.

Note that the security or quality of the lock was apparently not questioned. It seems to have been mainly that the theft wasn’t violent enough to the locked door.

There’s a side mention of the bikes not being specified as high value items, but that would probably have limited the payout, not denied it entirely.