I have a bit IsDefault column. Only one row of data within the table may have this bit column set to 1, all the others must be 0.
The accepted answer to the below question is both interesting and relevant:
Constraint for only one record marked as default
"But the serious relational folks will tell you this information should just be in another table."
Have a separate 1 row table that tells you which record is 'default'. Anon touched on this in his comment.
I think this is the best approach - simple, clean & doesn't require a 'clever' esoteric solution prone to errors or later misunderstanding. You can even drop the IsDefualt column.