PostgreSQL: how to resolve "numeric field overflow" problem

I have a table with the following schema

COLUMN_NAME, ORDINAL_POSITION,...., NUMERIC_PRECISION_INTEGER
"year";1;"";"YES";"numeric";;;17;10;17 "month_num";2;"";"YES";"numeric";;;17;10;17 "month_name";3;"";"YES";"text";;1073741824;;;
"week_of_month";4;"";"YES";"numeric";;;17;10;17
"count_of_contracts";5;"";"YES";"bigint";;;64;2;0

but when I insert the following into it

insert into contract_fact values(2011, 8, 'Aug', 1, 367)  

I see the following error

ERROR: numeric field overflow
SQL state: 22003
Detail: A field with precision 17, scale 17 must round to an absolute value less than 1.