Waffler
Please re read my previous posts.
I am not suggesting you fly around ignoring the chip light.
I am suggesting you use other indications that are available to you to decide how urgent the situation is.
Depending on which aircraft you are flying the Flight Manual tells you what action to take when you get a chip light.
It will probably say something like "land at the nearest safe place".
By cross checking your G/box chip light with pressure, temp & vibration indications you can make an informed judgment as to wether the water directly below you is a safe place or if it might be safer to fly 10-20 mins to your operating base.
In the example given by IHL, the chip light was accompanied by many other indications that made it clear to the crew that ditching was the only option.
Please take the time to read and understand a post before issueing personal insults. If you dont understand the information given, then ask further questions rather than flaming me.