So, what we are all saying here, is it depends on aircraft type and what your manual says. Chip warnings in some cabs are going to be mayday, get down shep!, others are going to be pull and reset circuit breaker, report it when you get home. For ATC, you will have to go with the a/c captain's decision. If he thinks it is a mayday, treat it as one, if he thinks it is a "yawn, stick it in the book mate" minor tech problem, go with that.