How to Place a Watermark Behind an Image in InDesign?

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The short answer, based on my best interpretation of your post, is "no" — you can't put anything behind an image an not have it blocked or masked, at least not without making the image partial opacity. Watermarks are by nature pretty much an overprint of whatever's on the page, intended to leave that faint "copyright" or anti-duplication mark across all content.

I'd create a document layer named, say, WATERMARK, and put your watermark text or image in it, then set the layer to some light opacity (25-33% or so, unless the watermark itself uses very thin, light strokes). That way, it will overprint all content on every page (at least, every page to which the watermark image is applied on the corresponding Parent page) and can easily be adjusted throughout the doc or turned on and off.