It's not really water hammer which is a transient surge effect caused by sudden cessation of flow. It all depends the pressure you're seeing and what the rating of the valves and systems are.
You could have a situation where the locked in pressure is close to the valve design pressure when the action of closing an intermediate valve causes the pressure to rise, but I still don't see where the water is coming form unless the valve wasn't fully sealed.
But getting back to the OP, yes, it may result in pressures higher than the design pressure of your valve.
But as bimr says, the real pressure rise comes from thermal expansion of the liquid between closed valves. This is something that is normally evaluated during design and relief valves installed where required. Depending on the volume involved, size of pipe etc.
But anything which involves a procedure to prevent leakage is open to failure of the individual to follow the procedure. This is part of your safety evaluation as to whether a procedure is adequate or you need to install thermal relief valves to cope with this small volume of water.
Remember - More details = better answers
Also: If you get a response it's polite to respond to it.
