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Preheat oven to 325°F. Cook cherry preserves, bourbon, molasses and allspice in medium saucepan on medium-low heat 15 minutes or until slightly reduced, stirring occasionally.
Place the ham on its side in roasting pan. Brush 1/2 of the preserves mixture over ham, gently separating the slices so mixture can reach middle of ham. Cover loosely with foil.
Bake 1 hour, basting occasionally with pan drippings. Remove foil. Brush with remaining preserves mixture. Bake 45 minutes longer. Serve ham with pan drippings.