Gather all ingredients.

Combine evaporated milk and egg yolks in the top of a double boiler over simmering water. Cook over the simmering water, stirring constantly, until mixture is thick enough to coat the back of a spoon, and reaches a temperature of 160 degrees F (71 degrees C).

Transfer mixture to a blender. Add cream of coconut, sweetened condensed milk, rum, water, vanilla, cinnamon, and cloves; blend until combined, about 30 seconds.