That sounds really weird. What bike were you riding? Did you have a momentary over-throttle through the turn? To have a loss of traction through an otherwise normal corner sounds really strange. Maybe something is off with your bike's suspension which cause the loss of stability?
I'm riding a 2000 M750, which the local dealership says is running like a champ... had them look over it after I tore it down and rebuilt it last year, they gave me an all clear on it as well as a general tune-up. I don't think I over-throttled it, but I may be wrong. I wasn't even to the half-way point in the turn, which I clearly remember because I had to hurry to pick the bike up and get out of the street. I was running so much on habit/training through that corner and it happened so fast that I don't recall specifically what was going on with the controls, but since I don't regularly wipe out my bike in low speed turns I don't think that was where I went wrong. Might have been an ID10T error, though - I won't rule that one out.
Those water meter covers can be slippery, do you know if you actually hit it? If there was oil or water on it, I could see that causing you to slip.
I don't know if I actually hit it, unfortunately. It was close to where my path was, but I can't say with absolute certainty whether I hit it or not - I'm leaning through the turn one second and laying on the pavement the next. Too fast to analyze, unfortunately, and I wasn't about to go around asking people if they saw how I make the beast with two backsed that corner up... it was embarrassing enough as it was.