Oh! Great! Got it.

Now to apply similar fix for the Events cover (which is also behaving the same way) I tried a few variations of the following code without success:

array (
 'module' => 'bx_events',
 'method' => 'entity_cover',
 'params' => 
 array (
  0 => '{content_id}',
 ),
)

For the sake of people who come behind me, I'll add this screen shot. NB: This Service block replaces the Cover block (now disabled).