my guess is that you've been turning off watermarks for each album, and not just turning them off in general. But that's just a shot in the dark. It appears they're off everywhere else. Not sure if you can set them specific for a dynamic album, I'll take a look. Hope I could help some.
Edit:
On second look, it appears most of your images thumbs have the watermark on them.
Are you using default thumbs? Or are you using custom thumbs?