A big Thank You to an 'ATCO' for starting a most interesting topic.
Chip warnings can and do indicate anything from a spurios mis-detection to an imminent major nasty. They should never be taken lightly and, I believe, warrant an immediate 'PAN' call. This to be upgraded immediately to 'MAYDAY' at the first onset of noise and/or vibration. In twin-engine helo's, an engine chip requires the affected engine offloaded, brought back to 'Idle' or shut down. Reverting from twin to single-engine status always demands a 'Pan' in my book.
What is interesting are my observations as a North Sea helicopter Simulator instructor. Even in the 'Box' most pilots demonstrated a marked reluctance to press the transmit and utter the 'Pan' or 'Mayday' word even with a Fire warning. I always made the point at debrief that, once alerted, the ATCO at the other end of the ether would give you his immediate and undivided attention, batting firmly on your side until your safety had been assured. On a black night out over the oggin, always good to know they were (are) there.