I'm not sure that these by-laws are even legal. The Owners Corporation has responsibilities under strata and other laws that they can't just shirk by saying “we no longer accept responsibility”. You can't create a by-law that contradicts state or federal law.
Your OC might argue that this constitutes an agreement not to pursue damages within the community – but I can't see how it would stand up to much scrutiny. I bet if this was challenged they would lose. You should ask a strata lawyer for their opinion but if I lived in your building and my stuff was damaged because of a failure in common property, I'd hound them all the way to the Supreme Court for damages.