Have a look at vxvm admin guide...
http://sfdoccentral.symantec.com/sf/5.0/solaris/pdf/vxvm_admin.pdf
page no 416.... that explains the local detach policy & very next page explains leave fail policy...
a very nice chart is given which tells what happens if any sort of failure happens...
if failpolicy is set to leave & master has some issues, a panic will be initiated...
Let me know if you have any further queries after that..
Gaurav