The purpose of this study is to examine the relationship Manager Overconfidence and Financial Crisis. We collect the empirical data from 38 Financial Crisis companies and 114 normal companies with similar size on asset as a sample during the period from year 2010 to 2017, publicly listed on either Taiwan Stock Exchange or Taiwan OTC Exchange. In addition, we add Directors' and Officers' Liability Insurance into the regression separately as corporate governance moderate variables, and examine their influences on the relationship between Manager Overconfidence and Financial Crisis. We find that Manager Overconfidence has a significantly positive association with Financial Crisis, and the Directors' and Officers' Liability Insurance has not a significantly positive relationship with Financial Crisis.