I think I got it to work by checking if the RA coordinates changes.
I did like this:

while true
do
  result=$(indi_getprop "iOptron CEM40.EQUATORIAL_EOD_COORD.RA")
  sleep 2;
  previous_result=$result
  result=$(indi_getprop "iOptron CEM40.EQUATORIAL_EOD_COORD.RA")

  if [ "$result" = "$previous_result" ]; then
      echo "Lost connection - reconnect..."
	  indi_setprop 'iOptron CEM40.CONNECTION.DISCONNECT=On'
	  indi_setprop 'iOptron CEM40.CONNECTION.CONNECT=On'
  else
      echo "All OK"
  fi
done
Here's the output when I run it:
stellarmate@stellarmate:~ $ ./test.sh
All OK
All OK
All OK
All OK
Lost connection - reconnect...
All OK
All OK
All OK
^C


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