Impossible to say with any certainty because you don't provide any details
about how you're going about it or the structure of your document.
In general, however, a Watermarks is nothing more than a graphic object
placed in the Header of the document. The most likely explanation for why it
doesn't appear throughout the document is that the document comprises
multiple Sections with different Headers. Hence the Watermark only appears
on the pages of the Section you're in when you insert it. If that's the case
you need to insert the Watermark in each section - directly or by the use of
specific types of fields.
If that isn't the problem you'll need to paint us a much more vivid picture
of the circumstances - including the specific revision numbers of Office &
OS X. Nobody here can see any more than what you describe, so accurate
details are imperative.
Regards |:>)
Bob Jones
[MVP] Office:Mac