To: coalface
“I am not aware of any catastrophic failure of a system which was preceded by a chip light which would have given the pilot time to carry out a controlled landing before the situation became hazardous. I would like to hear from anyone who knows differently”.
I would suggest you read my post on page 2 of this thread. It is number 2 from the top.
I am not sure if the BV 107 that crashed from a seized transmission over the North Sea had a chip light or if it was just a catastrophic failure caused by a design defect with no warning provided.