I generally store the associated peerid in an insurance variable for the object that can be owned. To disassociate, pick the object by comparing the correct peerid instance variable, and clear the variable.
You don't necessarily NEED to do this, but it keeps things logically clean. It depends on how you set up your events. Usually peerid is the most used form of picking the correct insurance in multiplayer, so I'd say it would be good practice.