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.