From a non umpire's point of view I'd say if the chip is large enough to either effect the outcome of the game (pretty big) or if it is obvious that the bat is weakened and may cause injury, get it out of there. As a dad who has spent enough money to feed small countries on these bats, I'd appreciate someone letting me know that the manufacturers usually have very good return policies for things like this. I've had to get replacement bats from both Easton and Miken and in each case had the new bat within 2 days of the initial phone call.